TOKYO--(BUSINESS WIRE)--Modulus Discovery, Inc., an early stage drug discovery company announced today that it has successfully raised a total of 800M Japanese Yen (approximately US $7.2M) for its series A round, led by Fast Track Initiative, Inc. (FTI) and joined by PeptiDream, Inc. (PeptiDream) and DBJ Capital Co., Ltd. (DBJ-C), the venture capital subsidiary of Development Bank of Japan. Dr. Tomohiro Anzai from FTI, and Mr. Hisashi Mitsuguchi from DBJ-C will continue to serve on the Modulus board as director and auditor, respectively.
Modulus will use the proceeds to accelerate its drug discovery research through leveraging the company’s proprietary computational platform and efficient virtual pharma operating model. In particular, Modulus plans to further develop its platform, accelerate its collaborative drug discovery research programs with PeptiDream, expand its R&D and business teams, and initiate additional collaborations globally with industry and academic partners that show strong synergistic potential with Modulus’ platform and capabilities.
Comment from S. Roy Kimura, CEO of Modulus Discovery, Inc.
“We are
very pleased to announce that we have successfully raised 800M JPY in
our series A round. Modulus’ internal drug discovery programs and its
collaboration with PeptiDream have been progressing at a greater rate
than originally anticipated, the latter resulting in the identification
of several promising hit peptides. With this additional capital, we look
forward to expanding and enhancing our discovery platform, build on our
momentum to accelerate our collaboration with PeptiDream and our
internal drug discovery programs, and further expand our team and
capabilities globally. Through this investment, we are excited to be
able to further our mission to accelerate the discovery of innovative
therapeutics to help patients with various intractable or difficult to
treat diseases. We are very grateful to FTI, PeptiDream, and DBJ-C for
making this possible.”
Comment from Tomohiro Anzai, Managing Partner, Fast Track Initiative,
Inc.:
“We are proud to serve as lead investor in the current
funding round for Modulus Discovery, Inc., a company with one of the
world’s most advanced computational drug discovery platforms. We are
also excited to support the development of Modulus’ global virtual
operations, with offices in Tokyo and Boston, and a deep network that
leverages the world’s best drug discovery professionals, academic
research, and technology platforms, as a novel example of an innovative
business model that holds the keys to solving some of the most difficult
problems encountered in drug discovery. Equipped with a strong track
record in drug discovery R&D, relentless dedication and passion for
their mission, and the rare ability to partner with both Japanese and
global top industry and academic players, we believe strongly in the
Modulus team’s ability to realize its mission to accelerate the
discovery of new medicines for patients and their families.”
Comment from Keiichi Masuya, Executive Vice President, PeptiDream, Inc.:
“PeptiDream
is focused on expanding its business through a 3-fold strategy: forming
additional drug discovery research and development collaborations,
further licensing of its PDPS technology to third parties, and expanding
its own internal drug discovery pipeline through strategic partnerships
with select companies. PeptiDream decided to invest in Modulus Discovery
after achieving significant progress with its on-going strategic
partnership with Modulus. Through this investment, we intend to support
the expansion of Modulus’ capabilities, accelerate our R&D
collaboration, and ultimately make a significant social contribution
through the delivery of novel therapeutics to market.”
About Modulus Discovery, Inc.
Modulus Discovery is a private
Tokyo-based preclinical stage drug discovery company focused on rapid
design and generation of small molecule clinical candidates for a range
of high-value disease targets through the use of its cutting-edge
computational drug discovery expertise and unique biology insights. The
international team at Modulus is comprised of drug design and disease
biology experts with previous R&D experience at global pharmaceutical,
biotechnology , and computational technology firms. For further
information, please visit www.modulusdiscovery.com.
