Co-Founders Nathaniel "Ned" David, PhD, and Norman "Ned" Sharpless, MD, will apply decades of experience to establish a scalable biotech foundry $70 million raised to evaluate, found and operate biotech companies pursuing unmet needs in cancer and disease areas in which cancer biology provides insight Founding investors Mission BioCapital and Mayo Clinic joined by other longtime life science investors SAN FRANCISCO, Nov. 19, 2024 (GLOBE NEWSWIRE) -- Jupiter Bioventures ("Jupiter"), a biotechnology venture foundry that builds bold, science-driven therapeutics companies, today announced the closing of a $70 million initial financing. The syndicate includes co-founding investors Mission BioCapital and Mayo Clinic. New investors include Alexandria Venture Investments, Bioventure Partners, Cedars-Sinai Intellectual Property Company, CU Healthcare Innovation Fund, Eric Ball, Eshelman Ventures, Fox Ventures, The Brent and Julie Callinicos Trust and Vault Fund. Proceeds from this financing will advance eight to ten companies developing therapeutics to treat cancer and other diseases where cancer biology provides insight. Jupiter was founded by two biotech entrepreneurs with decades of experience forming and operating biotech ventures: Nathaniel “Ned” David, PhD, previously co-founded Syrrx (acquired by Takeda), Achaogen, Kythera Biopharmaceuticals (acquired by Allergan) and UNITY Biotechnology. Norman “Ned” Sharpless, MD, was previously Director of both the National Cancer Institute and UNC’s Lineberger Comprehensive Cancer Center, Acting Commissioner of the US Food and Drug Administration, is currently a Member of the National Academy of Medicine and was a co-founder of G1 Therapeutics (acquired by Pharmacosmos). Between them, Drs. Sharpless and David’s previous companies have generated five approved medicines, four IPOs and three corporate acquisitions. Jupiter is built on the premise that a “science first” model can return higher multiples on invested capital than conventional venture funds. Jupiter starts by evaluating potential projects—dubbed “Moons”—using a set of business and scientific criteria. Jupiter then deploys a team and small amounts of seed capital to secure intellectual property and experimentally validate the core idea. The most promising Moons receive additional investment from both Jupiter and non-Jupiter investors to become freestanding, high-value biotech companies with sufficient capital to demonstrate proof-of-concept in humans. “We love bold science, but we hate risk,” said Jupiter co-founder Dr. Ned David. “By experimentally confirming the science first, we kill bad projects early, so we can focus on the winners.” “Ned and I have been building companies and medicines for decades,” said Jupiter co-founder Dr. Ned Sharpless. “We built Jupiter to identify the next set of world-changing ideas and efficiently remove the risks that stand in their way. It is our mission to build companies that improve patient lives.” “Mayo Clinic is committed to producing meaningful, effective change that transforms health and medicine. Clinical excellence requires continual discovery, translation and innovation. We’re eager to see what innovations show promise through this unique biotech model,” said Vijay Shah, MD, Kinney Executive Dean for Research at Mayo Clinic. “Ned and Ned are among the most talented drug hunters and entrepreneurs we’ve worked with. We’re thrilled to work with Jupiter in scaling their approach to build transformational therapeutics companies,” said Zach Collins, PhD, Partner at Mission BioCapital. Coincident with the financing, Jupiter announced that Fred Eshelman, the founder of Eshelman Ventures LLC, an investment company primarily interested in private healthcare companies, will join the Board of Directors. Dr. Eshelman is a successful life science entrepreneur who founded and served as CEO and Executive Chairman of Pharmaceutical Product Development before the sale of the company to private equity interests. He also brings significant board experience as Founding Chairman and largest shareholder of Furiex Pharmaceuticals, Chairman of The Medicines Company and board member of Valeant Pharmaceuticals. “Jupiter’s approach to biotechnology company formation is a truly disruptive innovation, and I’m excited to be part of it,” said Dr. Eshelman. “It will be a pleasure to work collaboratively with Ned David, Ned Sharpless and my fellow directors to execute a science-first strategy to bring groundbreaking therapeutic breakthroughs to patients.” “Jupiter’s strategic mission aligns with Cedars-Sinai’s approach to technology, commercialization and research to improve patient outcomes and advance healthcare solutions,” said James Laur, JD, Chief Executive, Intellectual Property & Health Ventures at Cedars-Sinai. Nirdesh K. Gupta, PhD, managing partner of the Cedars-Sinai Intellectual Property Company, will join the Board of Directors at Jupiter. Dr. Gupta has overseen multiple drug development projects resulting in clinical candidates that are now in late-stage trials in oncology, immune-mediated conditions and rare diseases. This work has resulted in the formation of several companies with significant financial exits, including Prometheus Biosciences. Dr. Gupta expressed, “We look forward to forging a productive relationship with the team through this foundry and to their science-first approach which has worked very well for us all along.” About Jupiter BioventuresJupiter Bioventures (“Jupiter”) is a biotechnology venture foundry that builds bold, science-driven startups from the ground up. Jupiter creates opportunities at scale by validating groundbreaking science quickly to produce de-risked venture-stage companies with therapeutic candidates. Partnering with world-leading scientists, Jupiter supports and manages a system of “Moons”—its portfolio of start-up companies. These Moons address unmet needs in cancer and related diseases. Jupiter’s managing directors are proven serial entrepreneurs with decades of expertise in company-building, strategic transactions and high-impact leadership. For more information, visit www.jupiter.bio. Media Contact:Janine McCargo 6 DegreesPhone +1 (646) 528-4034Email: jmccargo@6degreespr.com