Orbis Medicines, a leader in oral macrocycle drug discovery, today announces the close of a EUR 90 million Series A funding round, bringing the total amount raised by the company to EUR 116 million. The funds will support the development of Orbis’ pipeline of next-generation oral macrocycle drugs, called ‘nCycles.’
This financing was led by NEA (New Enterprise Associates) with participation from new investors including Eli Lilly and Company, Cormorant, the Export and Investment Fund of Denmark and founding investors Novo Holdings and Forbion.
Morten Graugaard has been named the Chief Executive Officer of Orbis Medicines following nearly three years serving as Executive Chair of its Board of Directors. Mr. Graugaard brings more than 20 years of experience in life sciences including venture investing, R&D, business development, corporate development and strategy to Orbis’ leadership team.
Orbis Medicines is focused on pioneering a new era for oral macrocycle drug discovery. Macrocycles are a large and diverse family of compounds with highly desirable therapeutic properties but historically have been challenging to develop as oral drugs. Orbis Medicines’ programs are focused on high-value oral alternatives to blockbuster biologic drugs and targets to maximize value for patients.
“The support from this particular group of investors is further validation of the exemplary science and exciting potential of Orbis Medicines. The company is advancing the potential of macrocycles by developing orally available nCycles — a format preferred by patients, physicians and healthcare systems, particularly for chronic diseases,” said Morten Graugaard, newly appointed Orbis CEO. “The interest we have received demonstrates the market appetite for nCycles as an oral approach to both validated biologic targets and targets undruggable by other modalities. We have a clear strategy for rapid value creation that leverages the unique capabilities of our nGen platform and are excited to advance this important new class of drugs for patients.”
“The Orbis Medicines team has impressed us with the data supporting nGen, which we believe is the world’s leading discovery engine for oral macrocycle drugs. We are thrilled to support not only their journey to the clinic, but also their longer-term vision as a leader in their field,” said Ed Mathers, Partner, NEA. “We congratulate Morten on his appointment as CEO after years of successfully guiding the company as Chair. He brings the depth of knowledge and expertise to lead Orbis through this crucial growth phase and deliver on the potential of nCycles.”
