Cambridge-based drug discovery startup Healx has announced a $47m (£37m) Series C funding round as its trial neurofibromatosis treatment receives regulatory approval.
Founded in 2014, Healx is using AI to find treatments for some of the world’s rarest diseases.
Healx has raised over $100m since it was founded, having previously raised $56m in a 2019 Series B round
The latest funding round, led by R42 Group and Atomico, will support the company as it advances its HLX-1502 trial programme for treating diseases caused by genetic mutations that can lead to the development of tumours.
“It is truly a pivotal time at Healx,” said Tim Guilliams, co-founder and CEO of Healx. “By December 2024, we will advance HLX-1502 into a phase 2 clinical trial in patients.”
The trial has received regulatory approval from the US Food and Drug Administration (FDA).
Guilliams said there are currently no FDA-approved options for treating neurofibromatosis.
“We are also generating important preclinical data for multiple additional compounds identified using our novel generative AI drug discovery engine.
“Those compounds target rare diseases with significant unmet needs, including additional nerve-related tumour disorders, autosomal dominant polycystic kidney disease and neurodevelopmental disorders such as Angelman syndrome.”
The funding round also included participation from Balderton, Jonathan Milner, Global Brain, btov, Ayana Capital, o2h and VU Venture Partners.
Read more: Founder in Five: Q&A with Healx CEO Tim Guilliams