California, USA-based company revolutionizing small molecule drug discovery and development using covalent libraries and AI tools, Totus Medicines, raised USD 62 million in Series B funding. The round took place on December 15, 2023. DCVC Bio led the financing for the company. North Pond Ventures, Camford Capital, and the Regents of the University of Minnesota also joined in financing.
In addition, the company announced the appointment of Nassim Usman, Ph.D., as the President & Chief Executive Officer.
Purpose of financing for Totus Medicines
With the latest proceeds, Totus Medicines seeks to advance Totus’ clinical program expand the pipeline. It also has plans to evolve the platform.
Neil Dhawan, PhD, Totus co-founder, founding CEO, and CSO, will transition into a new role as CSO and Head of R&D. His new role holds the responsibility to oversee the company’s platform, programs, and data.
What the company’s official has to add
Neil Dhawan, co-founder of the company, said, “Nassim is exactly the right leader for Totus. His extensive drug development background and vision for the Totus platform will help lead us through the next phase of growth for the company. His strong management experience will help shape Totus as we continue to advance breakthrough therapeutics, and just as importantly, Nassim embodies our culture and values.”
In addition, Nassim Usman, the new CEO, said, “ Neil and the entire team at Totus have built an extraordinary platform that has the potential to transform small molecule discovery and have built a pipeline of clinical candidates led by TOS-358, a covalent inhibitor of PI3Ka in the clinic. I am delighted to join Neil, our investors and the team as we build out the platform and advance our clinical development pipeline.”
What the investors have to comment
DCVC Bio Managing Partner John Hamer said, “We are thrilled by Nassim’s arrival. He brings exceptional experience and acumen to a company poised to bring much-needed therapies to market. I’m equally excited by the fact that Neil – whose vision and determination have brought Totus to where it is – will continue to contribute at a senior level to the company’s rapid growth.”
About the company
Neil Dhawan in 2020 launched the company. Totus Medicines is discovering and developing small-molecule medicines. It leverages a novel DNA-encoded covalent library technology combined with artificial intelligence/machine learning (AI/ML). The company’s unprecedented ability to screen billions of drug candidates against thousands of targets simultaneously. Its novel platform can find drugs that are dramatically superior to molecules discovered through previous technologies, including drug candidates for currently undruggable targets.
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