Cancer-focused biotech Ability Biologics has announced the close of an $18m seed funding extension round.
The Canadian biotech uses its generative AI (genAI)-based therapeutic discovery platform, Abileap, for the development of selective antibody therapeutics for cancer and immune-related disorders.
In December 2023, Ability emerged from stealth and unveiled its Abileap platform in December 2023 following the close of a $12m seed funding round. Earlier today, (18 June), the company said it raised a total of $18m in the final closing of the seed funding round.
Ability claims its AI platform is \based on one of the largest databases of antibody-antigen interactions ever constructed. This allows it to generate fully human antibodies capable of targeting specific tissues and cells based on the local microenvironment, taking into account factors such as secondary antigens, pH, temperature and the presence of specific metabolites.
Founding investor Amplitude Ventures led the seed round, which also included participation from Charles River Laboratories and Belgian venture capital fund Theorodus.
In related drug discovery funding news, Enveda Biosciences recently secured $55m in a Series B2 round for its platform which addresses historical challenges in natural product drug discovery, such as the detection of active molecules.
Ability presently has as yet unnamed antibody candidates at the preclinical development stage in immunology and oncology, as per GlobalData’s Pipeline Drugs database.
GlobalData is the parent company of Pharmaceutical Technology.
