Unleashing Innovation: Foundery Sparks a Biotech Revolution, Linking Visionary Drug Development with Immune Discoveries
SAN FRANCISCO, Aug. 22, 2023 (GLOBE NEWSWIRE) — Brace yourselves for the Foundery impact – a trailblazing biotech venture studio igniting the future of immunotherapy. In a resounding announcement, Foundery, the brainchild of industry luminaries Max Krummel, Ph.D., Michel Streuli, Ph.D., and Venkataraman “Sriram”, Ph.D., marks a momentous milestone. Their inaugural fund, Foundery I, LP (“Foundery Fund I”), has clinched an initial closing, amassing an impressive $29.6 million. Founded in 2021, Foundery channels its efforts into nurturing early-stage immunotherapy programs, forming dynamic alliances with university visionaries.
Dr. Krummel enthuses, “With unwavering support from our limited partners, we’re launching this fund to revolutionize immunotherapy creation. We believe that by fostering collaborative drug development ventures with university researchers, we can sculpt novel treatments that hold the promise to change lives. Together, we’re rewriting the playbook for synergistic partnerships.”
Foundery’s core mission revolves around dynamic collaboration, energizing researchers and clinicians with a shared zeal for redefining immunotherapy’s landscape. The Foundery Immune Studio, nestled near the vibrant University of California, San Francisco (UCSF) Parnassus campus, serves as a crucible for transformation. Here, faculty metamorphose scientific breakthroughs into tangible therapies through a close-knit bond with Foundery’s innovative drug development team. Foundery’s strategic pacts with UCSF and the University of Arizona present a streamlined avenue for partnership. The beat of innovation pulses within Foundery’s state-of-the-art lab and internal discovery team, responsible for validating first-in-class drug targets and crafting Investigational New Drug (IND)-enabling packages – the bedrock for future ventures.
Dr. Srini Akkaraju, M.D., Ph.D., a luminary in his own right, and Founder and Managing General Partner at Samsara BioCapital, shares, “Foundery, guided by a team of adept drug pioneers, pioneers a capital-efficient approach, minimizing preclinical drug development risks. It’s more than that; Foundery charts a new course for academic collaborations, realizing the untapped potential of research universities in addressing unmet medical needs.”
In the words of Jeff Brody, Managing Director emeritus and Co-founder of Redpoint Ventures, a Limited Partner in Foundery Fund I, “Foundery redefines biotech investing, offering a groundbreaking model through its Immune Studio. With a reusable preclinical R&D team at its core, Foundery conducts iterative target validation and proof-of-concept testing across multiple programs. This, in turn, empowers academics to de-risk their discoveries and claim a larger slice of the success pie.”
Foundery Fund I boasts an impressive pipeline, housing nine preclinical programs spanning autoimmunity, inflammation, and oncology. Among them, two trailblazing “platform” programs target historically elusive therapeutic goals. And the future beckons; Foundery sets its sights on business development activities for pre-IND drug development candidates as early as the second half of 2024.
Limited Partners of Foundery Fund I encompass a diverse tapestry, including a prominent family office, a public research university endowment, and high-net-worth individuals with a penchant for growth and impact.
Today’s news also heralds the inception of Foundery’s Business Advisory Committee. Comprising luminaries like Rekha Hemrajani, MBA (Board Member BioAge, MaxCyte and ALX Oncology), and Forrest Metz, Ph.D. (Founder and Managing Director, Dev Equity), the committee’s sage advice spans venture investing, operations, M&A, and business development.
The Foundery movement is in full swing – an epoch-making collaboration weaving together innovation, academia, and boundless potential.
About Foundery
Imagine a dynamic hub nestled in the heart of San Francisco – Foundery. It’s not just a company; it’s an expedition into the uncharted realms of biology. With a team of scientists who thrive on unlocking nature’s mysteries, Foundery is like a rocket for early-stage R&D, fueled by innovation. This isn’t just a business venture; it’s a passion-driven journey led by academic pioneers, armed with over a century of collective wisdom in unraveling the immune system’s secrets.
Their groundbreaking immunotherapies have notched over $100 billion in global sales. Teaming up with brilliant minds in academia, Foundery is on a mission to forge invaluable, game-changing treatments. Their vision? A clear path to birthing the next wave of biotherapeutic champions, exclusively focused on tackling dire diseases spawned by misbehaving immune responses.