News round-up for 16-20 December by DDW Senior Digital Content Editor Diana Spencer.

As we approach the end of 2024, it’s great to see that investment in drug discovery is still going strong, with an impressive $300 million raised by AI-focused company SandboxAQ and another significant financing by Ottimo Pharma.

The top stories:

Venture partners create fibrosis-focused therapeutics company

Venture studios Deep Science Ventures and General Inception have announced plans to create a company focused on developing novel treatments for fibrosis.

Generative AI unlock the impact of engineered biology

Cradle, an AI-powered platform for protein engineering, has raised $73m in Series B funding to respond to rising demand in R&D intensive industries. This funding takes the total raised to date over $100m.

Investment to develop in vivo genetic treatment for sickle cell disease

Tessera Therapeutics, a biotech developing a new approach to genome engineering, has entered into an agreement with the Bill & Melinda Gates Foundation to jointly fund the company’s in vivo programme for sickle cell disease (SCD).

Bifunctional medicines to extend the lives of cancer patients

Ottimo Pharma has completed a Series A financing round of over $140 million. The financing will accelerate the lead asset, Jankistomig, a first-in-class PD1/VEGFR2 bifunctional antibody for multiple solid tumour indications, in both IV and SC forms as well as a pipeline of follow-on bifunctional assets.

AI drug discovery company announces more than $300m funding

SandboxAQ today announced a round of more than $300 million, which valued the company at $5.3 billion on a pre-money basis.