Industry news round-up: medicinal chemistry leaders to join Recursion Pharmaceuticals
Read our round-up of some of the highlights from the pharmaceutical industry over the past week. This week: US President Donald Trump announces plan to lower drug costs and PhoreMost completes Series-A funding round.
This weeks industry news:
- Leaders in medicinal chemistry, Phil Carpino and Mike Genin, to join Recursion Pharmaceuticals
- PhoreMost completes £11 million Series-A investment round
- US plan to lower drug costs
- Sebela completes acquisition of Braintree
Leaders in medicinal chemistry, Phil Carpino and Mike Genin, to join Recursion Pharmaceuticals
Recursion Pharmaceuticals (UT, USA) has announced the recruitment of Phil Carpino and Mike Genin to guide chemistry efforts during this period of huge expansion by the company. Recursion, a biotechnology company that applies artificial intelligence, automation and experimental biology to drug discovery, has broadened its horizons beyond rare disease and into more diverse areas.
"I am ecstatic to have Phil and Mike on our team. Combined, they have more than half a century of chemistry experience, and each of them has a long list of outstanding accomplishments," commented Martin Brenner, Chief Scientific Officer of Recursion. "They are both passionate about adding chemistry to Recursion's unique blend of automated experimental biology and artificial intelligence, and this passion will translate into new, effective treatments for patients."
PhoreMost completes £11 million Series-A investment round
A UK-based biopharmaceutical company dedicated to “drugging the undruggable” has announced completion of an £11 million Series-A investment round. PhoreMost (Cambridge, UK) is expected to use the investment to expand research on the Babraham Research Campus, as well as progress novel drug targets from its phenotypic screening platform, SITESEEKER®, into first-in-class drug discovery programs.
Chris Torrance, CEO of PhoreMost, remarked: “We are thrilled to have the support of our existing investors and Morningside in enabling PhoreMost to move into its next exciting phase of growth. Their funding and shared vision is a key part of PhoreMost becoming a fully-fledged ‘ethical’ drug discovery company that aims to bring a greater diversity of therapies to patients, more quickly and at prices they can afford.”
US plan to lower drug costs
US President Donald Trump has unveiled plans to tackle high drug prices in the US by increasing competition in the market of prescription medicine. The plan, known as American Patients First, contains more than 50 initiatives to lower patients’ out-of-pocket costs, including incentives for drug companies to lower list prices and plans to push other developed nations to pay more for drugs in the interest of fair trade.
"Everyone involved in the broken system — the drug makers, insurance companies, distributors, pharmacy-benefit managers and many others — contribute to the problem," Trump stated, adding that the "government has also been part of the problem because previous leaders turned a blind eye to this incredible abuse."
Sebela announces acquisition of Braintree
Sebela Pharmaceuticals (GA, USA) has announced its acquisition of Braintree Laboratories Inc. (MA, USA), a private specialty pharmaceutical company, focused on developing pharmaceuticals for gastroenterology. Alan Cooke, Sebela CEO, said, “The acquisition of Braintree is transformational for Sebela. It immediately propels the company into a market leading position in one of our core therapeutic areas of gastroenterology.”