UK-based biotech, Orbit Discovery, has closed its series A financing round, raising £6.9 million, which will enable the company to expand its platform and achieve milestones in current partnerships.
British money
The round was led by Oxford Sciences Innovation who were joined by new investors RT Ventures, Borealis Ventures, Perivoli Innovations, along with further investment from all existing investors and Oxford University. Additionally, Borealis managing partner Phil Ferneau and Oxford Investment Consultants’ partner James Mallinson join Orbit’s board of directors.
“We’ve been very successful in delivering on Orbit’s strategy, leading to growth in both capability development and commercial collaborations,” commented Alex Batchelor, CEO at Orbit. “This Series A funding allows us to greatly expand platform industrialisation whilst achieving the milestones in our existing three pharma partnerships. Moreover, we can support further strategic collaborations that align with development of our platform.”
“Orbit’s unique approach to peptide drug discovery and development, in combination with their well validated business model, has similarities to earlier Borealis investments that have been very successful,” stated Ferneau. “Having sufficient funds to further refine and develop the platform into novel areas such as functional screening of potential peptide drugs in cell-based assays combined with a sophisticated approach to partnering makes Orbit well placed to capitalise on increased interest in peptide therapeutics.”
Mallinson added: “Since their formation in late 2015, Orbit have delivered on their early commitments and established a skilled and knowledgeable team. We’re delighted to be able to follow our seed investment with increased participation in this Series A round.”