MONTREAL, June 18, 2024 /PRNewswire/ – Ability Biologics (“Ability”) announced the final close of its seed funding, raising a total of 18 dollars million (US), a funding round led by founding investor Amplitude Ventures (“Amplitude”). Amplitude is joined by Fonds de solidarité FTQ, Investissement Québec, Charles River Laboratories, Theodorus and Alexandria Venture Investments. Ability, a pioneer in the application of generative Artificial Intelligence (AI) in Therapeutic Discovery, focuses its platform on the discovery and development of potent and selective antibody therapies for cancer and immune-related disorders. Ability Biologics, through its AbiLeap™ discovery engine, is generating novel, logic-enabled antibodies with the potential to become best-in-class or first-in-class therapeutics.
Giles Day, Co-Founder and CEO (CNW Group/Ability Biologics)
Ability’s leadership team combines deep experience in immunology, antibody discovery, engineering and therapeutic development, from bench to commercial stage, and is leveraging this experience to create next-generation antibodies using powerful computational tools through its platform unique, proprietary AI. The AbiLeap™ discovery engine is an AI platform built on top of one of the largest databases of antibody-antigen interactions ever built, bringing together more than five years of discovery data and incorporating public data sources and private. AbiLeap™ allows the ability to address a longstanding challenge by generating fully human antibodies that are logic-constrained, enabling them to target specific tissues and cells based on the local microenvironment, including conditions such as secondary antigens, pH, temperature and/or the presence of specific metabolites.
“We are seeing a need for a new generation of antibodies and modalities as simply binding, blocking or agonizing a single receptor is not enough to achieve therapeutic impact,” he said. Giles Day, Co-Founder and CEO of Ability. “At Ability, our platform covers multiple approaches in a single molecule, increasing specificity and selectivity to develop potent therapies with wide therapeutic windows. To do this, our antibodies use tried and tested IgG formats that enable easier production, storage and administration, avoiding complex formats that bring numerous risks from production to immunogenicity”, concluded Giles Day.
“We are focused on solving the next set of complex biology challenges, and one of them is to address the issue of on-target, off-tissue toxicity, which is limiting the utility of antibody therapy,” said Dion Madsen, CFA, Co. – founder and partner at Amplitude Ventures. “Ability’s proprietary platform stands out as an intelligent way to rapidly develop selective and potent, ultra-targeted biotherapeutics to increase potency and patient outcomes.”
“The life science and biotechnology sector is in constant flux and we are proud to provide financial support for Ability’s continued innovation,” said Bicha Ngo, President and CEO of Investissement Québec. “The use of the latest technologies, such as artificial intelligence, in the development of antibodies will strengthen Québec’s expertise in an area that is critical to the treatment of various types of cancer and ultimately other diseases that affect many Quebecer every year.”
About biological abilities
Ability Biologics is the leading cell targeting company. Its powerful AbiLeap™ discovery engine combines parallel, continuously learning artificial intelligence with an extensive database of antigen-antibody interactions to generate highly specific, fully human, IgG-based antibodies with selectivity and affinity thin Antibodies react to environmental signals within the cellular microenvironment, generating limited logical therapies. The capability is dedicated to the development of more potent and selective antibody therapies for areas of high unmet need. To learn more, visit ability.bio, our linkedin page or contact us at [email protected].
About Amplitude Ventures
Amplitude is a full-service venture capital firm that uses a unique growth model to build companies with world-class management teams and scale companies to reach potential. With more 500 million dollars under management and offices in Montreal, Toronto AND Vancouver, Amplitude applies a proven and evidence-based approach to investing in leading precision medicine companies. Learn more about Amplitude and its Pre-Amp venture studio at amplitudevc.com.
About Fonds de solidarité FTQ
Fonds de solidarité FTQ is a source of pride in Québec, fulfilling its mission through a unique business model created 40 years ago. Since then, the Fonds has mobilized Québec into action thanks to the retirement savings of over 769,000 shareholders. With net assets of 18.9 trillion dollars like us November 31, 2023, the Fonds supports more than 3,700 companies through venture capital and development investments based on the belief that impact is created as much by financial returns as by social returns. For more information, visit fondsftq.com.
About Investissement Québec
Investissement Québec’s mission is to play an active role in of Quebec economic development by stimulating business innovation, entrepreneurship and business acquisitions, as well as increased investment and exports. Operating in all administrative regions of the province, the Corporation supports the creation and growth of businesses of all sizes with investments and customized financial solutions. It also helps businesses by offering consulting services and other support measures, including the technological assistance available from Investissement Québec Innovation. In addition, through Investissement Québec International, the Corporation targets foreign talent and investment and assists Quebec businesses with export activity. For more information, visit investquebec.com.
About Theodore
Theodorus is a venture capital fund that mainly targets high-potential spin-offs coming from the “Université Libre de Brussels” (ULB), although also open to all innovative ventures in the life sciences. The fund mainly invests in early-stage biotechnology, medical technology and healthcare technology companies that have developed disruptive innovations. In addition to its financial role, Theodorus is actively involved in developing its portfolio companies and seeing them through to success Today, Theodorus manages 100 million dollars in assets that have supported more than 40 businesses. Theodorus has offices in Montreal AND Brussels. For more information, visit theodorus.be.
SOURCE Biological Ability
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