Totus Medicines Secures Series B Funding to Accelerate Drug Development
Totus Medicines, guided by the leadership of DCVC Bio and joined by North Pond Ventures, Camford Capital, and the Regents of the University of Minnesota, has successfully closed its Series B funding.
The investment will be channeled into advancing the company’s clinical program, expanding the pipeline, and further developing its pioneering platform.
Revolutionizing Drug Discovery with Innovative Technology
At the forefront of Totus Medicines’ approach is the integration of a groundbreaking DNA-encoded covalent library technology with artificial intelligence and machine learning (AI/ML). This unique fusion enables the discovery and development of small molecule medicines.
The company’s platform possesses the capability to efficiently screen billions of potential drug candidates against multiple targets simultaneously. This unparalleled technology aims to outpace traditional methods, potentially unlocking drug candidates even for currently deemed “undruggable” targets.
Leadership Transition and Visionary Appointment
Totus Medicines also announced the appointment of Dr. Nassim Usman as President and Chief Executive Officer. Dr. Usman brings a wealth of expertise, previously serving in executive positions at Catalyst Biosciences and demonstrating prowess in C-suite management, board memberships, and venture capital involvement.
His extensive background includes steering drugs into clinical development, orchestrating licensing deals, and securing funding through various financing routes. Dr. Neil Dhawan, Totus co-founder, will transition into the role of Chief Scientific Officer and Head of R&D, continuing to oversee the company’s platform, programs, and data.
Dr. Usman’s Accomplishments and Expertise
Dr. Usman’s professional journey spans significant achievements in drug development, financial leadership, and investment endeavors.
With his academic foundation in Organic Chemistry from McGill University and a post-doctoral fellowship at MIT, he has shaped his career by contributing to several successful biotech ventures, leading clinical advancements, and fostering strategic alliances within the industry.
Funding Injection for Innovative Drug Discovery
With the Series B funding, Totus Medicines is poised to drive forward its vision of transforming drug discovery through technology-driven innovation, leveraging AI/ML and DNA-encoded libraries to potentially revolutionize the landscape of small molecule medicines.