SOUTH SAN FRANCISCO, Calif.– Terremoto Biosciences, a biotechnology company developing highly targeted, small molecule medicines, today announced the closing of a $175 million Series B financing round. The round includes new investors EcoR1 Capital, Novo Holdings and Cormorant Capital, among others, and participation from existing investors OrbiMed and Third Rock Ventures.
This financing brings the total capital raised by the company to $250 million. Terremoto will use the proceeds to advance its platform and support the progress of multiple in-house discovery and development programs targeting diseases of high unmet medical need.
“We are pleased with the level of investor enthusiasm for our programs and platform represented by this Series B, especially in a challenging market environment for biotech companies,” said Peter Thompson, M.D., co-founder and chief executive officer, Terremoto Biosciences. “The proceeds from this financing will allow us to rapidly progress our programs while strengthening and broadening our capabilities.”
Terremoto is harnessing the power of an expanded covalent alphabet to create highly targeted, small molecule medicines for a broad spectrum of devastating and severe diseases. The company is applying its unique capabilities to develop best-in-class therapies against known drug targets and first-in-class medicines against high value previously undrugged targets.
“Terremoto has made impressive progress in the two years since its founding, a testament to the strength and experience of this management team,” said Scott Platshon, Partner, EcoR1. “We are excited to support Terremoto and its programs through the company’s next phase of growth.”
