123 Accelerator of Torrey Pines Investment in Breakthrough Cancer Programs Together with OrbiMed
123 Accelerator, an accelerator program backed by the San Diego-based venture company Torrey Pines Investment, announces an up to $28.5M seed investment together with OrbiMed in four companies: Loch Lomond Therapeutics, Loch Eil Therapeutics, Loch Ness Therapeutics and Llyn Bala Therapeutics. Each of the four companies is engaged in innovative oncology discovery programs comprising breakthrough discovery-stage assets and drug targets.
In connection with the financing, Carl Gordon, Iain Dukes and Jim Sullivan, from OrbiMed and Nikolay Savchuk from Torrey Pines Investment have variously joined the Boards of Directors of these four companies.
Proceeds from the financing will be used to develop clinical candidates. All programs will be supported by the artificial intelligence and computer aided drug design platform of Molsoft LLC, San Diego CA and other research partners from 123 Accelerator's global network.
About OrbiMed
OrbiMed is a leading healthcare investment firm, with over $13 billion in assets under management. OrbiMed invests globally across the healthcare industry, from start-ups to large multinational corporations, utilizing a range of private equity funds, public equity funds, and royalty/credit funds. OrbiMed maintains offices in New York City, San Francisco, Shanghai, Hong Kong, Mumbai and Herzliya. OrbiMed seeks to be a capital provider of choice, providing tailored financing solutions and extensive global team resources to help build world-class healthcare companies.
About 123 Accelerator
123 Accelerator strives to accelerate early-stage drug discovery platforms towards advanced lead and clinical candidates within a two-year framework to rapidly de-risk novel science and enrich partner pipelines with first or best-in-class molecules. 123 Accelerator's scientific and global resources network tailored specifically to the needs of early programs allows to accelerate development in multiple high value therapeutic areas, from immunology to inflammation and from oncology and CNS to infectious diseases and beyond. The 123 Accelerator program inaugurated by Torrey Pines Investment in 2017 is now co-creating, growing and graduating breakthrough drug discovery programs towards future medicines.