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Financing › Details

Bit Bio–SEVERAL: investment, 202006 financing round Series A $41.5m led by Rick Klaunser + Bob Nelsen + Jim Tananbaum

 

Period Period 2020-06-13
Organisations Money taker Bit Bio Ltd.
  Money source SEVERAL
Product Product  venture capital
Person Person Klausner, Richard (Rick) (Lyell Immunopharma 201910 CEO + Founder before Juno Therapeutics + NCI)
     

Bit Bio Ltd.. (6/13/20). "Press Release: Bit Bio Secures $41.5m of Funding from Top Life Sciences Investors". Cambridge.

Rick Klausner, Bob Nelsen, and Jim Tananbaum team up with Bit Bio to uncover the “operating system of life” and accelerate the company’s drive towards industrial-scale manufacturing of all human cells


Bit Bio, a Cambridge-based synthetic biology company combining data science and biology to code cells for the wellbeing of humanity, today announces the close of a $41.5 million Series A investment, bringing the company’s total funding to $50 million. In a strong statement of support for the company’s goal to transition biology into engineering, the investment was led by three of the world’s top life sciences investors and entrepreneurs. Richard Klausner is the former director of the National Cancer Institute and founder of Lyell Immunopharma, Juno and Grail. Also participating in the round are Foresite Capital, Blueyard Capital and Arch Venture Partners.

Bit Bio’s aim is to decode “cellular identity” in order to generate every cell type of the human body. Its platform technology, opti-ox, enables precise reprogramming of stem cells and induces them to take on a new identity. They become specialised cells, such as those in the liver, brain or immune system. As a result, the company is already able to produce human cells at unmatched scale, speed and consistency.

Founder and CEO Dr Mark Kotter, who developed opti-ox in his lab at Cambridge University, said, “Our moonshot goal is to develop a platform capable of producing every human cell type. This is possible once we understand the genes governing human cell behaviour, which ultimately form the ‘operating system of life’. This will unlock a new generation of cell and tissue therapies for tackling cancer, neurodegenerative disorders and autoimmune diseases and accelerate the development of effective drugs for a range of conditions. The support of leading deep tech and biotech investors will catalyse this unique convergence of biology and engineering.”

Lead investor and Bit Bio advisor Rick Klausner said, “Bit Bio is based on beautiful science. The company’s technology has the potential to bring the long-awaited precision and reliability of engineering to the application of stem cells. Bit Bio’s approach represents a paradigm shift in biology that will enable a new generation of cell therapies, improving the lives of millions.”

The investors are supporting the UK Company so it can continue to develop its underlying scientific principles. The injection of funding will enable Bit Bio to grow the talent and operations it needs to realise its ambitions.

The development of new cancer-defeating cell therapies is currently obstructed by the scarcity of human cells. As a result, cell therapies remain expensive and difficult to scale. Furthermore, consistent access to functional human cells will unlock the potential of cell therapies and improve the efficiency of drug development. Moreover, at present less than 3% of new drugs make it to the clinical stage.

This is in part caused by differences between the animal models and cell lines used for drug development and human biology. The supply of human cells resulting from Bit Bio’s approach aims to tackle this problem. At the same time, the company’s technology will reduce the need for animal studies, alleviating unnecessary animal suffering.

Bit Bio has assembled a deep base of scientific support. Its team includes Chief Scientific Advisor Dr Roger Pedersen, one of the pioneers of human stem cell biology, Scientific Advisor Dr Marius Wernig, a pioneer in cell reprogramming and co-director of the Stanford Stem Cell Institute, Scientific Advisor Dr John Connolly, a leading translational immunologist with years of experience in cell therapy, and Scientific Advisor Dr Ramy Ibrahim, a leader in clinical immuno-oncology.


About Bit Bio

Bit Bio‘s mission is to apply the principles of data science to biology to code cells for the wellbeing of humanity. Its proprietary technology, opti-ox, enables highly efficient and consistent reprogramming of human cells for use in research, drug discovery, and cell therapy. This scalable platform for the production of human cells is also the basis for a new generation of cell and tissue therapies. For more information, visit bit.bio.



Media Contact

Dan Caley
April Six
+44 7875 468942
Dan.caley@aprilsixproof.com

   
Record changed: 2020-06-21

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