LA JOLLA – Local AI drug discovery company Iambic Therapeutics is celebrating the opening of its new custom-built, state-of-the-art headquarters in Sorrento Valley, allowing the company’s more than 60 employees to expand their technical and lab operations.
“With more than 12,000 square feet of dedicated laboratory and office space, the company is well positioned to continue to deliver on our promise to serve patients by bringing new drug candidates forward in areas of high unmet medical need,” CEO Tom Miller wrote to the Business Journal. “The new space allows for ample growth to accommodate additional clinical staff in support of Iambics lead program entering clinical trials in Q1 2024.”
The new location is housed on the MODA campus at 5627 Oberlin Drive in Sorrento Valley, just east of the previous location at 9310 Athena Circle, next to the UC San Diego campus in La Jolla.
In December, its drug candidate — IAM1363 — was submitted to the FDA as an investigational new drug (IND) and will soon launch Phase 1 human clinical trials in patients with HER2-driven cancers, including metastatic breast, lung and colorectal cancer.
“IAM1363 is designed to reach metastatic tumors throughout the body, including the brain, and we believe this candidate can be best in class with the opportunity to improve efficacy and tolerability versus current options,” added Miller.
In total, the company has garnered $153 million from investors — an oversubscribed A round in 2021 for $53 million — and the most recent oversubscribed B round for $100 million in October 2023, led by Abingworth and Ascenta Capital, and included new investors like major players NVIDIA and Illumina Ventures, along with existing investors, including Catalio Capital, Coatue, Nexus Ventures, OrbiMed, and Sequoia.
“We were struck by the originality of these molecules, offering distinctive approaches in both deeply validated and more novel biological pathways,” said
Dr. Evan Rachlin, MD, co-founder and managing partner at Ascenta Capital, who joined Iambic’s board.
“Investors in our most recent round were attracted by our ability to use AI to transform the pace of drug discovery and the process of hunting for new drug targets in areas where there is serious unmet patient need,” shared Miller. “What gave them confidence was that we had already demonstrated the ability to take a drug candidate from discovery to IND submission in under two years – something which on average takes closer to six years — and we had a rapidly growing pipeline of high-value assets in oncology and other therapeutic areas.”
The company’s tech uses generative AI and machine learning to identify potential first-in-class and best-in-class drug development candidates targeting primary and metastatic tumors. Iambic’s proprietary AI algorithm platforms, including NeuralPLexer and OrbNet, automate both chemical and biological experimentation that allows Iambic “to go from new molecule designs to new experimental, new biological data at the pace of thousands of molecules every week,” Miller previously said.
Over the next five years, Iambic is eager to see its lead oncology programs proceed toward FDA approval with the eventual goal of expanding into additional therapeutic areas.
“We continue making breakthrough advances in AI and automation to drive our drug development efforts,” added Miller.
CEO: Tom Miller
HEADQUARTERS: Sorrento Valley
BUSINESS: Biotech leveraging AI for drug discovery
FUNDING: $153 million (Series A and B)
NOTABLE: Iambic’s AI platform can produce data on thousands of new molecules per week.