New York City is positioning itself as the next life sciences hub to watch – as evidenced by a hefty new financing round for startup Petra Pharma.
The company just brought in a $48 million Series A, and will be housed in Accelerator, the aptly named New York City-based life sciences accelerator. Indeed, this is the first investment coming out of Accelerator, which launched in New York in 2014 with $51 million from a cadre of big pharma stakeholders. It’s had a long presence in Seattle, however.
When Investment Rhymes with Canada
Canada has a proud history of achievement in the areas of science and technology, and the field of biomanufacturing and life sciences is no exception.
Petra Pharma’s therapeutic approach targets enzymes that are responsible for cellular processes like division, growth and signaling.
Beyond that, the company’s remaining quiet about the nature of its small molecule approach, but the research comes from cofounders Dr. Lewis Cantley of Weill Cornell Medicine and Dr. Nathanael Gray of Harvard University. It has a multi-year research alliance with Weill Cornell, as well.
Cantley’s work focuses on delving into the biochemical pathways that link cancer and energy metabolism. Specifically, he discovered the signaling pathway phosphoinositide 3-kinase (PI3K) in 1984, Petra says.
Gray has discovered a number of kinase inhibitors, and has also built ways to use synthetic chemistry to modulate certain cancer-causing biological pathways with small molecules.
There’s a dense roster of investors in this startup, which includes backers of Accelerator New York: AbbVie, Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Innovate NY Fund, Johnson & Johnson Innovation, The Partnership Fund for New York City, Pfizer Venture Investments, Watson Fund and WuXi PharmaTech.
