PrecisionLife Announces First Close of Series A Financing to Progress its Drug Discovery Pipeline and Commercial Partnerships
PrecisionLife Limited, a global techbio company driving precision medicine in chronic disease with AI-led drug discovery, clinical development, and healthcare solutions, announces the first close of its Series A investment round. The financing, which is ongoing, will enable expansion and progression of its extensive and growing pipeline of commercial opportunities targeting complex chronic diseases. The company anticipates the second close of the Series A investment round in the coming months.
The investment will be used to expand the application of PrecisionLife’s combinatorial analytics platform into drug repositioning with the launch of a new Indication Extensions solution which will systematically identify new precision medicine opportunities for existing patented drugs in novel disease areas. This highly valued solution will provide significant near-term revenue opportunities for pharmaceutical companies with major benefits to patients in areas of unmet medical need.
Additionally, the investment will be used to attract key talent, to deliver a series of partnered R&D projects currently in negotiation with international biopharma and healthcare organisations as well as to initiate its own in-house therapeutics pipeline.
Partnered projects under negotiation include R&D research studies into the long-term effects of coronavirus (long COVID), ALS, and multi-target discovery and validation deals with major pharmaceutical companies.
Steve Gardner, CEO of PrecisionLife, said: “The investor interest we have seen is an indication of the appetite for AI-enabled precision medicines and the innovation of our unique analytical platform for mining patient data. 2022 will be a transformational year for PrecisionLife and this first close enables us to keep up our momentum and realise our ambition to transition from an AI R&D services company to an early-stage precision medicine drug discovery and healthcare focused company with a pipeline of partnered and in-house programmes of novel precision therapies and biomarkers.”
2021 was a year of expansion and achievement of key milestones for PrecisionLife bringing the company to an inflection point in its development:
- New Chairman with Global Experience – Appointment of highly experienced industry veteran Ray Pawlicki as Chairman
- Expansion of R&D Team – Recruitment of 10 new R&D staff based in Oxford, UK; Copenhagen, Denmark; Warsaw, Poland; and Cambridge, MA, USA
- New Disease Studies – 15 disease association studies were completed in 2021 with associated achievement of important milestones, creating substantial value including:
- Publication of major studies on COVID-19 resulting from collaborations with United Health Group and Fraunhofer
- Commencement of a multi-disease collaboration deal with Cyclica
- Partnerships with numerous universities and key opinion leaders for access to patient datasets
- ISO27701 accreditation and recertification for ISO27001
These achievements were recognised by the International Life Science Awards 2021 in which PrecisionLife won Best Chronic Disease R&D Company.
The financing is being co-ordinated by leading specialist life sciences investment banking and corporate advisory firm WG Partners LLP.