PHENOMIX ACCESSES $32 MILLION IN OVER-SUBSCRIBED SERIES A INVESTMENT ROUND
Internationally recognized group of scientists and venture capital funds join forces to create a company to accelerate target validation and drug discovery.
San Diego, Calif. - March 11, 2002 — Phenomix, a privately held forward genetics company focusing on rapid target identification and validation, announced today that it has secured $12 million in first-round funding with the option to draw on an additional $20 million. The investment round was co-led by Sofinnova Ventures and Alta Partners, and includes Bay City Capital, CM Capital Investments, CMEA Ventures, Novartis Bioventure Fund, Rothschild Bioscience Managers Ltd., Versant Ventures and others.
Phenomix was founded by three institutions containing the world's premier forward mouse genetics programs: the Genomics Institute of the Novartis Research Foundation (GNF) in San Diego, California; the Medical Genome Centre of the John Curtin School of Medical Research at the Australian National University (ANU) in Canberra, Australia; and the Department of Genetics at Baylor College of Medicine in Houston, Texas. Prior to its formation Phenomix was incubated for 2 years at GNF and ANU. An important part of Phenomix's business model will be the continued collaboration with its founding institutions.
Phenomix takes a "forward genetics" approach to biomedical discovery, by starting first with a physiological model of the human disease of interest and then identifying and validating the genes or drug targets involved in that disease. This contrasts the more traditional "reverse genetics" or "gene-to-function" approaches used by today's genomics companies, where the research begins from an identified novel gene and focuses on determining its function and role in physiology and diseases. Consequently, "reverse genetics" is limited by current knowledge and techniques in first selecting the genes to study for disease treatments. Using the forward method, Phenomix starts from generating and screening physiological models rapidly to identify the best models and then in a single step, discovers and validates the genes that are physiologically relevant. Phenomix combines target discovery, target validation and generation of relevant models for the disease into one efficient platform.
"Biomedical research is undergoing a paradigm shift, and Phenomix is leading the charge," commented Phenomix's Chief Technology Officer, Steve Kay Ph.D. "Previously, genomics companies have focused on technology that analyzes gene expression and polymorphisms that cannot prove physiological relevance. The power of Phenomix's genome-wide, unbiased discovery program is that it specifically identifies mutant genes of the highest commercial value."
"Phenomix's technology platform will be leveraged through partnerships with biopharmaceutical companies to generate and co-develop novel targets and therapeutics more quickly and economically than possible through traditional approaches," said Daniel Janney, a Managing Director for Alta Partners.
"The caliber of Phenomix's management and scientific advisory teams is unparalleled," commented Jim Healy, MD, Ph.D., a Managing Director of Sofinnova Ventures. "It joins the world's leading international authorities on forward mouse genetics with seasoned biotech executives who have extensive experience in forming and managing successful companies."
Board of Directors
Phenomix has named the following individuals to its Board of Directors: John Diekman, Ph.D., founder and Managing Partner of Bay City Capital, Vice Chairman of Affymetrix, Inc. and Chairman of the Board of The Scripps Research Institute; Denise Gilbert, Ph.D., CEO of Entigen Corporation, and formerly CFO of Incyte Genomics and Affymax N.V.; Karl Handelsman, a General Partner of CMEA Ventures; Jim Healy, MD, Ph.D., a Managing Director at Sofinnova Ventures; Dan Janney, a Managing Director at Alta Partners; and Peter Schultz, Ph.D., Institute Director at GNF, Scripps Professor of Chemistry at The Scripps Research Institute, and previously a founder of the Affymax Research Institute, Symyx Technologies and Syrrx, Inc.
Scientific Advisory Board
Phenomix's Scientific Advisory Board includes: Allan Bradley, Ph.D., Director of the Sanger Centre and founder of Lexicon Genetics; Colin Fletcher, Ph.D., Assistant Professor of Cell Biology at The Scripps Research Institute and Program Head, GNF; Chris Goodnow, Ph.D., the Director of the Medical Genome Center at ANU, former professor at Stanford University and Investigator of the Howard Hughes Medical Institute; and Monica Justice, Ph.D., the Director of the Mouse Mutagenesis and Phenotyping Center for Developmental Defects at Baylor College of Medicine.
About Phenomix
Phenomix, a forward genetics company, develops physiologically relevant animal models and then applies these models to the identification and validation of novel drug targets in major human diseases. The company was founded by three of the world's premier forward genetics programs - the Genomics Institute of the Novartis Research Foundation (GNF) in San Diego, California, the Medical Genome Centre of the John Curtin School of Medical Research at the Australian National University (ANU) in Canberra, Australia, and the Department of Genetics at Baylor College of Medicine in Houston, Texas. Phenomix's corporate headquarters are in San Diego, California, with additional operations in Canberra, Australia. For more information, contact info@phenomixcorp.com.
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