OD-07656

Odyssey Therapeutics has pulled together a nine-figure private funding round after halting its public market ambitions earlier this year. The biotech raised $213 million from its existing investors and a batch of new backers, more than it had initially sought, CEO Gary Glick told Endpoints News ahead of the company’s announcement Wednesday. The Series D includes first-time Odyssey supporters Affinity Asset Advisors, Dimension Capital, Jeito Capital, Lightspeed Ventures, TPG Life Sciences Innovations and Wedbush Healthcare Partners. The Boston-based startup has now raised more than $700 million when factoring in partnerships with Pfizer, Johnson & Johnson and Terray Therapeutics. Earlier this year, Odyssey pulled back from IPO plans as the market soured, saying that it wasn’t in the “best interests” of the startup to move ahead. The industry has gone nearly seven months without a Nasdaq listing, though that could change in the coming days if schizophrenia drug developer LB Pharmaceuticals goes forward with its plans to raise $228 million in a new offering. Odyssey came on the scene in 2021. It had built out an oncology research site in San Diego, a biologics-focused team in Frankfurt, and a synthetic chemistry unit in Ann Arbor, MI. The startup consolidated into sites in Boston and Ann Arbor, and has approximately 100 employees today, Glick said in an interview. It’s now in Phase 2 with a RIPK2 small molecule called OD-07656 that’s being tested for inflammatory bowel disease. “Speed is incredibly important and Odyssey has gone from a standstill to Phase 2 in under four years,” Glick said. He said that all of Odyssey’s pipeline projects were discovered in-house. Glick declined to share details of Odyssey’s specific clinical development plans, but said the startup will have “multiple clinical entries” in 2026. The Series D will allow Odyssey to prove whether “multiple” of its experimental medicines can make a difference in various diseases, and will give the company financial runway to early or mid-2028, the CEO said. Odyssey is also developing small molecules going after IRAK4, NLRP1 and MDA5 for various conditions such as atopic dermatitis, osteoarthritis, systemic sclerosis and Sjögren’s syndrome, among other indications. It also has protein therapeutics in TSLP/IL-33 and TNFR2 for asthma, type 1 diabetes and vitiligo, among other conditions. Glick is also steering London startup Charm Therapeutics , a machine learning biotech where he serves as executive chair. Co-founded by David Baker, the biotech nabbed a key funding round this month as well, collecting $80 million in a Series B. He also co-founded Scorpion Therapeutics, which sold to Eli Lilly in January and then spun out most of its pipeline into Antares Therapeutics .