Recursion Pharmaceuticals Receives $2.6 Million in Follow-on Seed Funding
Funding will be used to accelerate and scale the company’s proprietary drug discovery platform.
Salt Lake City, UT, December 08, 2015 --(PR.com)-- Recursion Pharmaceuticals today announced a $2.6 million follow-on seed round led by Advantage Capital Partners, with additional participation from numerous angel investors. With the additional funding, Recursion will increase the scale of its proprietary drug discovery platform, which identifies novel uses for known drugs, bioactive compounds and shelved pharma assets across dozens of rare genetic diseases.
“We are excited by Recursion's revolutionary drug discovery platform and the paradigm shift it may bring to the orphan drug industry,” said Reid Hutchins, Principal at Advantage Capital Partners. “By leveraging Big Data and Machine Learning, Recursion has created a capital efficient platform to analytically repurpose clinically safe compounds and help the millions of people suffering from genetic-based orphan diseases.”
Recursion is one of a growing number of companies focused on drug repurposing and repositioning, a strategy that has gained traction because of the potential for more rapid translation to the clinic at lower costs compared to the traditional strategy of building new drugs from scratch.
“Drug repurposing is at a tipping point in pharma right now,” says Chris Gibson, CEO of Recursion. “We are leveraging our innovative platform to systematically evaluate existing drugs against thousands of diseases for which efficacious treatments currently do not exist. Leveraging the power of our unbiased and data-driven platform, we have the potential to improve the lives of rare disease patients worldwide.”
Recursion’s business model focuses on using its platform to help partners identify new uses of proprietary, high-value molecules, as well as identifying novel uses of old drugs and bioactive compounds that Recursion can develop internally.
This investment brings Recursion’s total private investment since founding to just over $4 million, in addition to the company’s more than $2 million in non-dilutive grant funding awarded by the National Institutes of Health’s Small Business Innovation Research (SBIR) program and various private foundations.
About Recursion Pharmaceuticals, LLC
Founded in 2013, Salt Lake City, Utah-based Recursion Pharmaceuticals, LLC is a drug discovery company. Recursion uses a novel drug screening platform to efficiently repurpose and reposition drugs to treat rare genetic diseases. Recursion’s novel drug screening platform combines experimental biology and bioinformatics in a massively parallel system to quickly and efficiently identify treatments for multiple rare genetic diseases. The core of the approach revolves around high-throughput automated screening using high-content assays in human cells, which allows the near simultaneous modeling of hundreds of genetic diseases. Rich data from these assays is probed using advanced statistical and machine learning approaches, and the effects of thousands of known drugs and shelved drug candidates can be investigated efficiently to identify those holding the most promise for the treatment of any one rare genetic disease.
About Advantage Capital Management
Advantage Capital Partners provides equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $1.9 billion in companies from a diverse array of industry sectors, including manufacturing, technology and business services, among others. The company has offices in New Orleans, St. Louis, New York, Austin and other locations.
Advantage Capital Partners is an investment adviser registered under the Investment Adviser Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type.
“We are excited by Recursion's revolutionary drug discovery platform and the paradigm shift it may bring to the orphan drug industry,” said Reid Hutchins, Principal at Advantage Capital Partners. “By leveraging Big Data and Machine Learning, Recursion has created a capital efficient platform to analytically repurpose clinically safe compounds and help the millions of people suffering from genetic-based orphan diseases.”
Recursion is one of a growing number of companies focused on drug repurposing and repositioning, a strategy that has gained traction because of the potential for more rapid translation to the clinic at lower costs compared to the traditional strategy of building new drugs from scratch.
“Drug repurposing is at a tipping point in pharma right now,” says Chris Gibson, CEO of Recursion. “We are leveraging our innovative platform to systematically evaluate existing drugs against thousands of diseases for which efficacious treatments currently do not exist. Leveraging the power of our unbiased and data-driven platform, we have the potential to improve the lives of rare disease patients worldwide.”
Recursion’s business model focuses on using its platform to help partners identify new uses of proprietary, high-value molecules, as well as identifying novel uses of old drugs and bioactive compounds that Recursion can develop internally.
This investment brings Recursion’s total private investment since founding to just over $4 million, in addition to the company’s more than $2 million in non-dilutive grant funding awarded by the National Institutes of Health’s Small Business Innovation Research (SBIR) program and various private foundations.
About Recursion Pharmaceuticals, LLC
Founded in 2013, Salt Lake City, Utah-based Recursion Pharmaceuticals, LLC is a drug discovery company. Recursion uses a novel drug screening platform to efficiently repurpose and reposition drugs to treat rare genetic diseases. Recursion’s novel drug screening platform combines experimental biology and bioinformatics in a massively parallel system to quickly and efficiently identify treatments for multiple rare genetic diseases. The core of the approach revolves around high-throughput automated screening using high-content assays in human cells, which allows the near simultaneous modeling of hundreds of genetic diseases. Rich data from these assays is probed using advanced statistical and machine learning approaches, and the effects of thousands of known drugs and shelved drug candidates can be investigated efficiently to identify those holding the most promise for the treatment of any one rare genetic disease.
About Advantage Capital Management
Advantage Capital Partners provides equity and debt financing to established and emerging companies located in communities underserved by conventional sources of capital. Since 1992, the firm has invested more than $1.9 billion in companies from a diverse array of industry sectors, including manufacturing, technology and business services, among others. The company has offices in New Orleans, St. Louis, New York, Austin and other locations.
Advantage Capital Partners is an investment adviser registered under the Investment Adviser Act of 1940. Registration does not imply a certain level of skill or training. This release is not intended to be an advertisement concerning investment advisory services or an offer to buy or sell securities of any type.
Contact
Recursion Pharmaceuticals
Britt McPartland
801-587-1629
www.recursionpharma.com
Britt McPartland
801-587-1629
www.recursionpharma.com
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