Accipiter Bio raises $10.5M in Seed

Seattle-based biotech startup Accipiter Bio has secured an additional $10.5 million in seed funding, enhancing its ability to expedite the development of AI-designed, multi-target protein therapeutics. This fresh capital injection builds on the $12.7 million Accipiter Bio raised less than a year after emerging from stealth mode. With the added financial resources, the company aims to accelerate work on its drug candidates, pivoting towards more robust clinical trial pursuits.

Co-founded by a team including experts from the University of Washington’s Institute for Protein Design, Accipiter Bio is employing artificial intelligence to design proteins capable of simultaneously binding multiple cellular targets, potentially enhancing their therapeutic efficacy. CEO Bick noted that while the company could have pursued its initial strategy, the decision to raise additional funds was fueled by significant progress, enabling a diversification of their clinical portfolio. The company, now 22 members strong, plans to increase its headcount to about 30 over the coming year.

Key collaborations underpin Accipiter Bio’s strategic approach. The firm has entered into an agreement with Pfizer, securing an upfront payment and opportunities to earn upwards of $330 million through future milestones and royalties. Similarly, a partnership with Kite Pharma, part of Gilead Sciences, focuses on engineering proteins for cell therapies. Beyond these collaborations, the company is advancing its own drug-development programs, with aims to expand from initially planned two to four clinical trials, primarily targeting immunology-related conditions along with its lead oncology program.

Accipiter Bio operates within a growing sector where artificial intelligence is seen as transformative for drug development. However, Bick highlights the complexity involved in the process, dismissing the misconception that AI-driven drug discovery is straightforward. Drawing on past experiences, including his tenure at Neoleukin where an engineered protein underperformed in trials, he underscores that the process demands not just AI, but also comprehensive therapeutic insight and manual engineering.

Looking ahead, Accipiter Bio intends to utilize the new capital to bolster its scientific team, aiming for calculated growth that supports its intensified research and development activities. As the biotech scene increasingly embraces AI, Accipiter Bio remains in a competitive space, balancing innovation with the inherent complexities of protein engineering.