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 it was founded 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.
Recursion Pharmaceuticals is an emerging biotechnology company based in Salt Lake City. Recursion combines experimental biology and bioinformatics with artificial intelligence in a massively parallel system to quickly and efficiently identify treatments for any disease which can be modeled at the cellular level. From its initial and continued focus on drug repurposing to treat rare diseases, Recursion has broadened its platform to probe rich data from high-throughput automated screens for a number of indications, including aging, inflammation, infectious disease, oncology, and diagnostics. Learn more at www.recursionpharma.com, or connect on Twitter, Facebook, and LinkedIn.