Accelerator Corporation Launches First Startup in New York City Portfolio
- Petra Pharma Secures $48 Million Series A Financing to Develop Therapies for Cancer and Metabolic Diseases
- BioPharma Alliance and Research Collaboration with Weill Cornell Medicine to Accelerate Research
NEW YORK CITY – January 6, 2016 – Accelerator Corporation, a leading life science investment and management firm, today announced the Series A financing of Petra Pharma Corporation to develop small molecule inhibitors for the treatment of cancer and metabolic diseases in alliance with Weill Cornell Medicine. The investors participating in the $48 million Series A investment in Petra Pharma include Accelerator New York’s investment syndicate partners: AbbVie, Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Innovate NY Fund, Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments, Watson Fund and WuXi PharmaTech.
“Following the launch of Accelerator in New York in 2014, we are delighted to now be financing our first startup life science company here in New York City,” said Thong Q. Le, chief executive officer of Accelerator. “We believe that the scientific advancements pioneered by co-founders Drs. Lewis Cantley and Nathanael Gray, combined with an alliance with Weill Cornell Medicine in New York and our management team’s operational capabilities, provide a tremendous platform for a biotech company with significant growth potential in the City. This first launch is illustrative of the kind of support we expect to continue to bring to the local life sciences community in the months ahead.”
Founders and Research Alliance
Petra Pharma’s co-founders include two world-leading researchers who have contributed to numerous breakthrough advances in cancer:
- Lewis Cantley, Ph.D., a foremost expert in understanding the biochemical pathways linking cancer and energy metabolism, discovered the signaling pathway phosphoinositide 3-kinase (PI3K) in 1984. Dr. Cantley is the Director of the Sandra and Edward Meyer Cancer Center at Weill Cornell Medicine and a member of the National Academy of Sciences, the Institute of Medicine of the National Academies and American Academy of Arts and Sciences.
- Nathanael Gray, Ph.D., responsible for the discovery of numerous first-in-class kinase inhibitors, also pioneered the use of synthetic chemistry and functional small molecule discovery to modulate biological pathways important in cancer. Dr. Gray is a professor of biological chemistry and molecular pharmacology at Harvard Medical School and Dana-Farber Cancer Center.
“Petra Pharma’s approach interrogates the novel enzyme targets responsible for a variety of important cellular processes, including cell division, growth, trafficking and signaling to develop therapies to improve patient health,” stated Dr. Cantley, co-founder of Petra Pharma, who owns equity in Petra Pharma. “The support of Accelerator at the seed stage, coupled with an expanded syndicate financing offered by Accelerator New York’s investors, puts Petra Pharma in a strong position to advance this promising research avenue, translate critical discoveries into next-generation treatments and ultimately make a difference in the clinic.”
Petra Pharma has entered into a multiyear research alliance with Weill Cornell Medicine, a stakeholder in the company, to further examine and elucidate certain biological pathways related to the targets being researched in Dr. Cantley’s lab. Weill Cornell Medicine’s Office of BioPharma Alliances and Research Collaborations is dedicated to proactively generate, structure and market translational research alliances with industry in order to advance promising research projects that have commercial potential.
“Accelerator’s collaborative investing model brings to New York City an attractive opportunity to translate the early-stage, innovative science coming out of our medical college into new therapies for patients,” said Larry Schlossman, managing director of BioPharma Alliances and Research Collaborations at Weill Cornell. “We are delighted to be the first institution to partner with Accelerator New York and launch Petra Pharma under Weill Cornell’s unique biopharma alliance program.”
Unique Model of Business Operations
Under Accelerator’s unique and proven investment and operations management model, the early operations of Petra Pharma will be overseen by Accelerator’s core management team. Accelerator has assembled a team of talented professionals with deep investment, operational and scientific expertise to build high-quality life science startup companies. By leveraging Accelerator’s capabilities, Petra Pharma will be highly focused on achieving key value-building scientific milestones, while the Accelerator management team will handle all aspects of business management and scientific oversight.
“Accelerator has a unique incubation strategy that helps mitigate the challenges associated with early-stage discovery efforts, leading to the creation of innovative new companies,” said Greg Plowman, M.D., Ph.D., vice president of oncology research at Eli Lilly and Company. “As an investor in Accelerator and Petra Pharma, we are excited about Accelerator’s first New York City-based startup and the opportunities that Petra Pharma will bring to the City’s life science ecosystem.”
Petra Pharma’s office and lab headquarters will be located within Accelerator’s facilities at the Alexandria Center for Life Science, New York City’s first and only premier life science park. Since its establishment, The Alexandria Center for Life Science has become the leading commercial destination in New York City for world-class life science entities to translate innovative discoveries into breakthrough products for patients with significant unmet medical needs.
About Accelerator Corporation
Accelerator Corporation, established in 2003 with operations in Seattle and New York City, is a biotechnology investment and management company. Formed by a syndicate of top-tier venture capital investors and a world-class research institution, Accelerator identifies, evaluates, finances, and manages the development of emerging biotechnology opportunities. Accelerator has built a unique solution that addresses many of the key problems associated with investing in early-stage biotechnology by providing access to venture capital, management, scientific expertise, and facilities. For more information, please go to: www.acceleratorcorp.com.
Media Contact
Pure Communications, Inc.
Katie Engleman
Katie@purecommunicationsinc.com
910-509-3977
Weill Cornell Medicine Contact
Larry Schlossman
las2041@med.cornell.edu
212-746-6909
Accelerator Corporation Completes $62.8 Million Oversubscribed Financing
- New Investors Join Syndicate, Board Members Appointed
SEATTLE AND NEW YORK – Sept. 29, 2015 – Accelerator Corporation, a leading life science investment and management firm, today announced that it has secured an additional $11.7 million in new investment commitments, bringing the final Accelerator IV closing to an oversubscribed $62.8 million. This final closing includes new strategic investments from AbbVie, WuXi PharmaTech, and Watson Fund. These new investors join the previously announced Accelerator IV syndicate, which includes Alexandria Venture Investments, ARCH Venture Partners, Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Innovation – JJDC, Inc., The Partnership Fund for New York City, Pfizer Venture Investments and WRF Capital.
“We are pleased to welcome this new group of top tier strategic investors to the Accelerator IV syndicate,” said Thong Q. Le, chief executive officer of Accelerator. “This additional investment will further enable Accelerator to provide important resources to early-stage life sciences companies focused on bringing innovative research and therapies to patients in need.”
The Accelerator IV portfolio will be diversified with investments in a variety of earlystage life science opportunities. A key focus will be on the discovery and development of novel therapeutics. Many of these investment opportunities will come from Accelerator’s unique company creation efforts largely based on the ground-breaking research conducted by its consortium of Institution Partners in New York and Seattle.
Since its inception, Accelerator has raised more than $100 million in capital commitments to invest in innovative life science companies. Accelerator has assembled a team of talented professionals with deep investment, operational, and scientific expertise to build high-quality life science start-up companies.
New Board Members Appointed
In conjunction with the financing, Accelerator also announced the appointment of three new directors to its board of directors – James P. Sullivan, Ph.D., Tadataka (Tachi) Yamada, M.D. and Peter Cheney.
“Accelerator has an exciting vision for the research and development of innovation in the biotechnology industry,” said Dr. Yamada. “I look forward to working closely with the Accelerator team to support their efforts to develop and launch ground-breaking start-up companies in New York and Seattle.
“We are delighted to have Jim, Tachi and Peter join our board and leverage their experience to help advance our company’s mission,” said Thong Q. Le, chief executive officer of Accelerator.
James Sullivan, Ph.D., is Vice President, Pharmaceuticals Discovery at AbbVie. In this role, he is responsible for AbbVie’s research efforts in a variety of diseases including cancer, Alzheimer’s disease, hepatitis C, renal disease, and immunology. He oversees a global network of scientists that includes AbbVie researchers at sites in the United States and Europe, and external research partners around the world. Dr. Sullivan earned his bachelor’s degree and Ph.D. in biochemistry from Trinity College in Dublin, Ireland, and conducted post-doctoral research in neurobiology at Northwestern University. He is an adjunct faculty member at Northwestern University of Chicago.
Tadataka (Tachi) Yamada, M.D., currently serves as a venture partner and senior advisor at Frazier Healthcare Partners. Previously, Dr. Yamada served as chief medical and scientific officer at Takeda Pharmaceuticals in Tokyo, responsible for all of the company’s research and development activities. Prior to Takeda, Dr. Yamada was president of the Bill & Melinda Gates Foundation Global Health Program in Seattle, where he oversaw more than $9 billion in grants for applying technologies to address major health challenges of the developing world. Before joining the Gates Foundation, Dr. Yamada was chairman of research and development and a member of the board of directors at GlaxoSmithKline. Dr. Yamada currently serves on the board of directors at the Clinton Health Access Initiative and of the Council of the National Academy of Medicine. He is also a fellow of the Imperial College of Medicine, a master of the American College of Physicians, a fellow of the Royal College of Physicians, and a pastpresident of the American Gastroenterological Association and the Association of American Physicians. Dr. Yamada graduated from Stanford University and holds his medical degree from New York University.
Peter Cheney is a former co-president of Mars, Incorporated, a $30+ billion corporation with a direct presence in more than 60 countries. Its products are category leaders in more than 100 countries. Mr. Cheney’s career with Mars began in the U.K. pet care business of Mars, Inc., in 1972. In 1990, he moved to the U.S. and became part of the Mars, Inc., corporate staff, where he oversaw the technology group in the Western Hemisphere. In subsequent years, Mr. Cheney was responsible for the manufacturing function of MasterFoods, served as president of Kal Kan/Uncle Ben’s and was the regional president for the Mars, Inc. Most recently, he was one of two co-presidents with full global responsibility for the corporation’s strategic plans and operational performance. Mr. Cheney has served on the boards of numerous private companies, public companies, and non-profit organizations and institutions. He currently serves on the board of Bartell Drugs, Hannah’s (a pet services company) and as an advisor or director to a number of small startup companies in the Pacific Northwest and on the East Coast. He is also a member of The Institute of Directors.
About Accelerator Corporation
Accelerator Corporation, established in 2003 with operations in Seattle and New York City, is a biotechnology investment and management company. Formed by a syndicate of top-tier venture capital investors and a world-class research institution, Accelerator identifies, evaluates, finances, and manages the development of emerging biotechnology opportunities. Accelerator has built a unique solution that addresses many of the key problems associated with investing in early-stage biotechnology by providing access to venture capital, management, scientific expertise, and facilities. For more information, please go to: www.acceleratorcorp.com.
About AbbVie
AbbVie is a global, research-based biopharmaceutical company formed in 2013 following separation from Abbott Laboratories. The company’s mission is to use its expertise, dedicated people and unique approach to innovation to develop and market advanced therapies that address some of the world’s most complex and serious diseases. Together with its wholly-owned subsidiary, Pharmacyclics, AbbVie employs more than 28,000 people worldwide and markets medicines in more than 170 countries. For further information on the company and its people, portfolio and commitments, please visit www.abbvie.com. Follow @abbvie on Twitter or view careers on our Facebook or LinkedIn page.
About WuXi PharmaTech
WuXi PharmaTech (NYSE: WX) is a leading open-access R&D capability and technology platform company serving the pharmaceutical, biotechnology, and medical device industries, with operations in China and the United States. As a research-driven and customer-focused company, WuXi PharmaTech provides pharmaceutical, biotechnology, and medical device companies with a broad and integrated portfolio of laboratory and manufacturing services throughout the drug and medical device R&D process. WuXi PharmaTech’s services are designed to help its global partners in shortening the cycle and lowering the cost of drug and medical device R&D. WuXi is also building a platform to provide clinical diagnostic services directly to physicians and their patients globally. The operating subsidiaries of WuXi PharmaTech are known as WuXi AppTec. For further information, please visit http://www.wuxiapptec.com.
About Watson Fund
Watson Fund, L.P. is a healthcare venture capital fund that specializes in early-stage investments in a broad range of life science opportunities. Watson Fund largely invests in opportunities developed and managed by Accelerator Corporation, with reserves set aside for follow-on investments in companies that meet pre-defined milestones. For more information, please visit www.watsonfund.com.
Media Contact:
Dan Budwick
Pure Communications, Inc.
973-271-6085
dan@purecommunicationsinc.com
Accelerator Corporation Secures $51.1 Million to Support Emerging Biotechnology Research Opportunities in New York City and Seattle
- Accelerator IV to Bridge Funding Gap for Early Research;
- Includes New Strategic Investors Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Development Corporation, The Partnership Fund for New York City, and Pfizer Venture Investments
- Accelerator’s Second Flagship Location Opens at the Alexandria Center for Life Science in New York City, Infusing Early-Stage Breakthrough Technologies into Manhattan’s East Side Medical Corridor
SEATTLE AND NEW YORK CITY, July 29, 2014 – Accelerator Corporation, a leading life science investment vehicle for disciplined and efficient investment in emerging biotechnology research, announced the first closing of Accelerator IV with $51.1 million in capital commitments, as it expands its operations in Seattle to New York City. Located at the Alexandria Center for Life Science in the heart of Manhattan’s East Side Medical Corridor, Accelerator will infuse strategic venture capital, entrepreneurial leadership, and critical product development capabilities into the New York City life science cluster.
“There is a funding gap for innovators looking to build new companies, as more and more venture investors are turning their attention to de-risked, later-stage developmental therapies instead of early research,” said Thong Q. Le, chief executive officer of Accelerator. “We have had tremendous success in bridging this gap in Seattle, with more than half of our companies graduating to successful venture rounds and achieving development successes. We recognize a similar gap in New York City where funding is available for developed companies but in short supply for early-stage research, and we look forward to this strategic expansion with our new round of committed capital.”
Over the last 10 years, and through its first three rounds of committed capital, Accelerator has developed 12 early-stage biotechnology companies in Seattle and provided them with the necessary resources to give each company a greater opportunity for early success. The fourth commitment round includes return investors Alexandria Venture Investments, ARCH Venture Partners, and WRF Capital, alongside new strategic investors, including Eli Lilly and Company, Harris & Harris Group, Inc., Johnson & Johnson Development Corporation, The Partnership Fund for New York City, and Pfizer Venture Investments. Accelerator will have dedicated capital commitments for both Seattle and New York City.
“We believe that there is an unparalleled opportunity to support exciting early-stage life science research in both New York City and Seattle. Accelerator will provide a big boost to help foster innovation in both these locales,” said John Lechleiter, Ph.D., chairman and chief executive officer of Eli Lilly and Company.
In addition to providing venture capital support, Accelerator provides its portfolio companies with access to leadership and critical product development capabilities, including access to resources from partner organizations. In New York City, Accelerator will work in partnership with seven top-tier institutions, including Albert Einstein College of Medicine of Yeshiva University, Columbia University, Icahn School of Medicine at Mount Sinai, Memorial Sloan Kettering Cancer Center, New York University, The Rockefeller University, and Weill Cornell Medical College. In Seattle, Accelerator has expanded its partners beyond the Institute for Systems Biology to include Benaroya Research Institute at Virginia Mason, Infectious Disease Research Institute (IDRI), Pacific Northwest Diabetes Research Institute, Puget Sound Blood Center Research Institute, Seattle BioMed, Seattle Children’s Research Institute and Washington State University. Collectively, these institutions will provide Accelerator companies with unparalleled access to technology development capabilities and scientific expertise.
“We are excited to welcome Accelerator to New York City, and look forward to partnering with their outstanding team to transform some of our region’s most promising scientific discoveries into life science start-up companies with a real shot at success,” said Marc Tessier-Lavigne, Ph.D., president of Rockefeller University, a new Accelerator institution partner.
Leroy Hood, M.D. Ph.D., co-founder and president of the Institute for Systems Biology (ISB) and founding institution partner of Accelerator, noted, “Through its newest capital commitment from some of the world’s top investors, Accelerator will continue to play an instrumental role in commercializing early-stage life science discoveries. We look forward to continuing our partnership with Accelerator.”
Joel Marcus, co-founder, chairman and chief executive officer of Alexandria Real Estate Equities, Inc. (NYSE:ARE) and Alexandria Venture Investments noted, “With the opening of Accelerator at the Alexandria Center for Life Science in Manhattan’s East Side Medical Corridor, Alexandria will add a strong array of disruptive clinical-stage opportunities as well as life science platform companies to its all-star roster of client tenants on our world-class urban campus. This is a critical moment for the Alexandria Center for Life Science and for New York City more broadly.”
Accelerator operations in New York City will join the collaborative and innovative campus at the Alexandria Center for Life Science, New York City’s first and only premier life science park. The Alexandria Center for Life Science has become the leading commercial destination in New York City for world-class life science entities to translate innovative discoveries into breakthrough products for patients with significant unmet medical needs. Accelerator is an ideal fit for the Alexandria Center for Life Science, and its presence will bring a new generation of highly disruptive companies to the City’s rapidly growing cluster, as it already has proven to do so in Seattle.
About Accelerator Corporation
Accelerator Corporation, established in 2003 with operations in Seattle and New York City, is a biotechnology investment and management company. Formed by a syndicate of top-tier venture capital investors and a world-class research institution, Accelerator identifies, evaluates, finances, and manages the development of emerging biotechnology opportunities. Accelerator has built a unique solution that addresses many of the key problems associated with investing in early-stage biotechnology by providing access to venture capital, management, scientific expertise, and facilities. For more information, please go to: www.acceleratorcorp.com.