Odyssey Therapeutics, a biotechnology company focusing on developing next-generation precision immunomodulators and oncology therapies, has secured $101m in a Series C funding round. 

Ascenta Capital led the financing round with new and current investors, including Colt Ventures, Foresite Capital, General Catalyst, HBM Healthcare Investments, OrbiMed, SR One and Woodline Partners LP.

This latest investment takes the capital raised since the company’s establishment in 2021 to $487m. 

The company will use it to progress several programmes into clinical trials and to continue investing in discovery processes to establish a therapeutic innovation model.

Odyssey Therapeutics founder and CEO Gary Glick stated: “Odyssey has rapidly advanced a portfolio of immunology and oncology therapeutics with the goal of providing transformative medicines for large numbers of patients in need and several of these molecules have the potential to enter the clinic in the next 12 months. 

“For us, success is defined as bringing safe and effective medicines to patients with serious diseases, with support from Ascenta and our other investors driving our pipeline into the future.”

Ascenta Capital co-founder and managing partner Dr Lorence Kim will join the board of Odyssey.

Based in the US, Odyssey has a specialised team of researchers and industry leaders in foundational biology, chemistry and data sciences to transform the drug discovery process. 

Its drug discovery and development platform combines computational and experimental technologies, enabling the company to detect drug targets with greater clinical potential in a modality-agnostic manner. 

Odyssey has advanced programmes from the ideation stage into a portfolio comprising product candidates within two years.