Stephen Curtis

Biotech is undoubtedly having a moment right now, and not a good one. What started as a market correction has only been exacerbated by macroeconomic uncertainty and Washington chaos. Enter this article in the Boston Globe (https://lnkd.in/e_vZf528). I’m not one for channeling negative energy, but I do want to concentrate on a quote that the author used to wrap up the piece. The source of the quote says that global pharmaceutical companies have no stake in whether Kendall Square remains the global leader in drug innovation. I have to disagree. They are invested in this ecosystem in major ways. It’s not just that 18 of the world’s top 20 pharma companies are here, it’s that they are expanding their presence. All you have to do is search the Globe archives to read about the billions spent on infrastructure and the thousands hired to be a part of the greater Boston cluster. Just this week Jon Chesto wrote about AstraZeneca’s commitment to the region (https://lnkd.in/emwT6AtP). We gave awards to Lilly and BMS for their respective expansions. GSK is moving teams here from Maryland. Novo Nordisk, Bayer, Takeda, Novartis … the list goes on and on. And they all point to what Massachusetts brings to the table for them as #patientdriven companies. The pharma companies came here because we have the biotechs and the talent. They are after that external innovation. And while we don’t have a monopoly on biomedical innovation, we have the density, people, and players like nowhere else. Pharma contributes to it. They aren’t here to suck the life out of it and leave. They’ve come here to be woven into the very fabric of the community and to be a partner. And it is patients with unmet medical needs that ultimately benefit. There are very real threats to domestic biotech innovation, including the threat from China. Haphazard funding and staffing decisions at the federal level aren’t helping. The Massachusetts ecosystem faces competitiveness challenges, from the cost of living to transportation, but we have state leaders who have stepped up in big ways. Are there funding and hiring headwinds? Yes, but companies are raising money and people are getting jobs. We know that this is the place because we know how it was built and we see it up close and personal every single day. Are we willing to fight for it? Absolutely.

407

22 Comments

NEXT GEN CELL THERAPIES: CHOOSING THE BEST ARMORING STRATEGIES/ Investing in early-stage or company creation is very different than investing in late stage. It demands proactively building strategies and companies, rather than merely reacting to incoming deal flow. When choosing the next armoring strategy for an early-stage company trying to solve solid tumors, first, it is important to understand the problem: why solid tumors are so hard to treat? Equally important — and that’s the difficult part — is to imagine where the future is headed. Every avenue explored is a piece of the puzzle — and the more pieces we manage to fit into place, the sharper our reasoning becomes about what lies ahead. I’m sharing our mind map of where the field is going, with some of the most promising avenues we’ll see progress in the next five years. Given the complexity and rapid evolution of this space, a truly comprehensive view is impossible — so I’ve focused on the strategies that excite me the most. Solid tumors present unique hurdles: profound heterogeneity, complex tumor architecture, and relentless T-cell exhaustion. These challenges demand next-level solutions. On top of that, the current field faces a significant bottleneck: the limited cargo capacity of lentiviral vectors restricts our ability to incorporate multiple gene edits simultaneously. To truly overcome solid tumor defenses, we must break through these constraints, possibly leveraging non-viral gene editing or innovative synthetic biology approaches. Our perspective is clear—success in solid tumors will belong to therapies that effectively: — Target tumor heterogeneity at multiple antigens simultaneously — Navigate and disrupt dense tumor architectures and the TME — Sustain persistent immune function to prevent T-cell exhaustion We're eager to collaborate with scientists and clinicians pushing these frontiers. If you're advancing promising research in armored CAR-T or engineered cell therapies, let's connect. At Invivo Partners, we're committed to solving the challenge of solid tumors.

265

10 Comments

Today AIX Ventures is leading the $10M seed round for Therna Biosciences to develop generative AI models for designing programmable RNA medicines. Founded by the legendary Nazli Azimi and Hani Goodarzi, Therna's lab-in-the-loop approach and proprietary functional RNA models give the company a clear edge to engineer better RNA medicines, faster. Read more in Katherine Davis article for Axios: https://lnkd.in/ePMUrgvH

171

4 Comments

A reverse merger isn’t a shortcut. It’s an operating decision. In biotech, reverse mergers and SPACs—special purpose acquisition companies that take private firms public through acquisition have emerged as paths to the public market when the IPO window closed. But not every reverse merger becomes a success. The difference lies in alignment, capital, and disciplined execution. In 2025, volatility, tighter funding, and lower valuations have turned reverse mergers into high-stakes relaunches. The companies that win treat them as strategic rebuilds, not financial escapes. 1. Stakeholder alignment A successful merger begins with unified purpose across shareholders, investors, and boards. Example: Kalaris–AlloVir (2024) aligned early with balanced ownership, structured lock-ups, and bridge financing, building trust before going public. 2. Robust financing Concurrent funding is critical to success. It validates confidence in the new entity and secures runway. Example: Jade Biosciences (2025) raised 300 million dollars alongside its merger, signaling readiness for clinical milestones and investor confidence. 3. Operational integration A reverse merger is more than a ticker change. Unified systems, culture, and reporting define long-term value. Example: Carisma–OrthoCellix (2025) consolidated around one late-stage asset, dropping legacy programs that no longer fit strategy. 4. Regulatory diligence Strong compliance builds trust and speeds execution. Clear filings and fairness opinions protect credibility. The best deals treat regulatory preparation as a parallel track, a lesson from recent SEC delays that slowed otherwise promising combinations. 5. A clear market story The merged company must explain its value fast. Example: Intra-Cellular (14.6B J&J buyout) and Medivation ($14B Pfizer buyout) both began as reverse mergers anchored in clear governance and credible data. With looming patent expirations and renewed M&A appetite, large pharma is seeking innovation through acquisition. Well-prepared biotechs that structure for transparency and scale are best positioned to attract partners once public. Here's the thing: The most successful reverse mergers look less like shortcuts and more like launchpads. Alignment from boardroom to bench, capital secured at the merger, and disciplined integration determine long-term success. Signals to look for biotech leaders: • Is funding secured with the deal or left to chance? • Are boards and investors unified on the mission? • Is your team ready for the discipline of public-market operations? Reverse mergers can unlock growth and liquidity, but only when built on readiness, governance, and execution. At KYBORA.com, we help biotech companies navigate these transactions from diligence to integration, connecting science with strategy to build sustainable value.

134

15 Comments

On behalf on my partners Richard Snyder, Mark Bamforth, we're thrilled to announce that Kineticos AMR Accelerator Fund has invested in Clarametyx Biosciences, a clinical-stage company developing targeted, immune-enabling biologic therapies to combat persistent infections associated with biofilms. Douglas Thomson, Venture Partner at Kineticos, will join the board at Clarametyx. This partnership will accelerate Clarametyx's innovative pipeline, including their ongoing CMTX-101 trial for cystic fibrosis-related infections and the development of the CMTX-301 vaccine against recurrent bacterial infections. We are confident that this collaboration will drive significant advancements in addressing critical unmet needs in chronic respiratory diseases. https://lnkd.in/e8GfFjZz

64

3 Comments

From Stifel: The most valued Biotechs are those with “Very Good” Ph3 data "even companies with a very good dataset have traded down in the last 8 weeks. One interpretation of this is that with forced selling in the market, funds have had no choice but to sell their best silver"

99

3 Comments

Most insightful investor panel at #JPMHC25! Here is their advice to biotech CEOs and entrepreneurs💡: - Resist settling for incremental change during funding scarcity; continue to dream big – Mathai Mammen, M.D., Ph.D. - Be bold and differentiated – Antoine Papiernik - Prioritize building high-quality teams over focusing solely on technology – Stephen Squinto - Adopt a long-term strategy (3-5 years), not just milestone-driven short-term plans – Nina Kjellson - Strategically balance internal development with external partnerships – Uli Stilz - Clarity is power: communicate effectively and speak the right language to investors – Frank Nestle #JPM25 #Advice #Biotech #Entrepreneur #Inspiration #JPM

91

5 Comments

No more mice, all code... The massive implications of the recent FDA NAM ruling 👇 Earlier this month, the FDA expanded the use of New Approach Methodologies (NAMs) in IND submissions starting with monoclonal antibodies and other drugs. It allows drug developers to replace certain animal studies with validated in silico models, human cell assays, and organoid systems. This actually builds on the FDA Modernization Act 2.0, which removed the animal testing mandate back in 2022, so the policy is moving forward. I think this will create major opportunities for AI prediction startups in these areas: 1. PBPK/PD Digital Twins: Companies creating virtual cohorts to predict absorption, distribution and metabolism, trimming risk before human trials. 2. AI Toxicology: Leveraging deep learning on chemical structures plus historic tox data to forecast organ specific safety issues early. 3. Virtual Trial Digital Twins: Building “digital patient” populations from real world data, genomics and physiology to refine trial design. 4. Proteome Profiling: Using AI to map on and off target interactions across thousands of proteins, prioritizing molecules before costly wetlab screens. 5. Pharmacogenomics Engines: Fusing genomic, transcriptomic and exposome data to model response variability, paving the way for precision dosing. 6. End to End Predictive Models:  Integrating imaging, multiomics and clinical endpoints into unified predictive models for both safety and efficacy across the pipeline. Any others I am missing? If you're building in these areas, DM!  👋

300

49 Comments

After a great JPM week - with amazing weather for once - we thought it was a perfect time to reflect on the state of the "TechBio" market and the companies that fall under this label. In our latest blog post, Joseph Horsman and I take on the “TechBio” label and argue it does more harm than good — while highlighting what founders can do to create lasting impact in this data-powered era of biotech innovation. Key takeaways: - AI is a tool, not a solution — success depends on how you wield it and how you position your scientists to take advantage of AI's amazing new capabilities - Proprietary, high-quality data is your ultimate competitive advantage and is the path towards novel and innovative drugs - Building a differentiated, biologically insightful, approach to drug discovery while natively integrating AI in the process will define the next decade of biotech. We don’t need new buzzwords like"TechBio" to describe this future. The companies emerging now and over the last five years are biotech built for the 21st century. At Madrona, we partner with entrepreneurs building innovative new therapeutics while using AI and data to power the next wave of biotech breakthroughs. If you're an entrepreneur building new drugs at the intersection of biotech and AI, we'd love to talk to you. https://lnkd.in/d6fDyKJh

164

26 Comments

Why Frazier Life Sciences' New $1.3B Fund Matters for Cell & Gene Therapy Frazier Life Sciences just closed their largest fund yet at $1.3 billion - particularly exciting news for the CGT space. Here's why: 1. Company Creation + Strategic Spinouts With 40-50% dedicated to starting new companies, plus their focus on pipeline spinouts, Frazier is perfectly positioned for CGT assets that need dedicated attention and substantial early funding to reach clinical proof-of-concept. 2. Funding Through Clinical Data Their strategy of "funding to get clinical data" is crucial for CGT, where clinical efficacy is often the key inflection point for partnerships or M&A. This patient capital approach prevents promising programs from stalling due to funding gaps. 3. Market Confidence Despite the biotech downturn, 90% institutional investor participation signals continued confidence in breakthrough therapies. Quality capital remains available for transformative CGT innovations. The CGT field needs investors who understand unique capital requirements and longer timelines. Frazier's expanded fund positions them to back the next generation of cell and gene therapies. Thoughts on how larger VC funds will impact CGT development success rates? #CellAndGeneTherapy #VentureCapital #Biotech #FrazierLifeSciences #lifesciences https://lnkd.in/eBPWhzTE

76

1 Comment

Everyone in pharma is racing to launch generative AI tools, even the FDA. However, some things in life take time to flourish… 📈⚕️ As journalist Natalia Mesa outlines in her recent take for BioSpace the FDA’s recent rollout of Elsa, a large language model designed to help with clinical protocol reviews and scientific evaluations, raised some red flags ⚠️. According to Mesa’s reporting, FDA insiders described the implementation as rushed, lacking proper oversight, and prone to incorrect or partially accurate outputs. Some said Elsa wasn’t ready. Others questioned how decisions made with its help could hold up under legal or scientific scrutiny. I don’t know for sure, won’t speculate on FDA’s moves. But I can say one thing clearly: it took a decade for Insilico Medicine, to get to the most advanced and well-validated AI platform in the industry, PharmaAI. Steadily building, testing, and validating…it takes time to grow organically 🌿. For those curious, here is a brief historic note: 🧬 2014 – Founded to bring AI into aging and medicine. 📄 2016–2019 – Published foundational work; GENTRL, their early generative model, created viable molecules in under a month. 🧪 2020–2021 – Launched PharmaAI, combining tools for target discovery (PandaOmics), molecule generation (Chemistry42), and trial prediction (InClinico). 💊 2022 – AI-designed anti-fibrotic drug ISM001-055 entered Phase I trials. 📈 2023–2025 – That same drug, now named Rentosertib, reached Phase II trials—with results published in Nature Medicine in June 2025 confirming safety and initial efficacy in patients. 🚀 Over just a span of several years, PharmaAI platform enabled discovery and design of more than 30 preclinical and clinical drug candidates, and multiple new targets (see image). The lesson here is this: Insilico didn’t skip steps. It published results and AI platform mechanics relentlessly, validated with its own pipeline and client’s projects, and iterated, it took time and patience. Their tools evolved from basic algorithms to a trusted enterprise platform used by major pharma players across the globe… I think Alex Zhavoronkov and Alex Aliper could one day write a book about this roller coaster ride! Meanwhile, I feel like the FDA’s experiment with Elsa shows what happens when there is a push for a quick win in a complex area like medical AI, something Mesa’s reporting hints to… I hope they figure things out fast, the FDA is one of the most important organizations in the world, IMO. We all need them to be doing great, because the health and lives of many-many people depend on that 🙏🩺 Image credit: Insilico Medicine

76

2 Comments

The next wave of biotech innovation won't come from companies hoarding proprietary technology. It will come from those who build tools that make these capabilities accessible to every scientist. Elliot Hershberg's piece "On Modality Commoditization" (link in first comment) described the commoditization of drug discovery technologies exceptionally well. The pattern is clear: Revolutionary technologies eventually become commoditized tools. We saw it with recombinant DNA, antibody development, and now we're seeing it with AI. This is literally Cradle's thesis: Instead of every company rebuilding their own AI tools (the "rebuild Babylon" approach), we need to democratize access to powerful protein engineering capabilities. • Genentech started as scientists in t-shirts and jeans • Their "secret" (recombinant DNA) became standard practice • The same happened with antibody development • Now it's happening with AI models That's why we're focused on becoming the Figma for protein engineering. We want to make powerful protein engineering accessible to all scientists, not just ML experts.

252

11 Comments

January 07, 2025 – FACIT congratulates portfolio company, Esphera SynBio (“Esphera”), on successfully securing seed financing and strategic partners to continue developing bespoke cancer immunotherapies using their proprietary engineered exosome-based platform for improved vaccine efficacy.    FACIT’s investment in Esphera from its Compass Rose Oncology Fund is supporting a collaboration based on homegrown intellectual property (IP). Esphera’s innovation leverages IP initially developed by the company’s co-founders, Drs. Carolina Ilkow and John Bell at the Ottawa Hospital Research Institute and Dr. Brian Lichty at McMaster University. The Compass Rose fund is part of FACIT’s commercialization programs to strategically capitalize on the province’s support for research innovation and to cultivate local entrepreneurial scientists. FACIT joined investor GKCC in the seed round and FACIT’s president, Dr. David O’Neill, will serve as Esphera’s Chair of the Board of Directors.   Drs. Bell and Lichty are building on their previous experience successfully growing Turnstone Biologics, also a FACIT backed start-up, into a now publicly traded company on the Nasdaq exchange. Further, Dr. Ilkow was the winner of a previous Falcons’ Fortunes pitch competition hosted by FACIT. Working with the co-founders again and gaining the trust of Ontario’s leading entrepreneurs is a testament to FACIT’s commitment to growing the province’s life science ecosystem while propelling promising cancer innovations to benefit patients sooner.    Read the company’s announcement https://lnkd.in/gNEAzyTz

59

1 Comment