Some of the biggest names in oncology R&D have been quietly consolidating assets, money and programs under a new startup called Medici Therapeutics,
Endpoints News
has learned.
The stealthy startup’s backers include two of the biggest names in biotech and cancer: ARCH Venture Partners and the Parker Institute for Cancer Research (PICI), which is finalizing its investment plans in the startup, according to a source familiar with its plans.
Two sources say Medici recently acquired Nutcracker Therapeutics, which is developing personalized RNA-based medicines and has raised more than $200 million from ARCH and other investors.
Medici’s existence has been mentioned briefly in a handful of regulatory and scientific documents, but the scope of its actions and ambitions hasn’t been previously reported. A spokesperson for the startup declined to say how much money it’s raised.
But it has already built a portfolio of programs, including personalized cancer vaccines, tumor-infiltrating lymphocyte (TIL) therapies,
in vivo
TCR therapies, cellular rejuvenation approaches and mRNA manufacturing capabilities.
Its chief scientific officer is
Ira Mellman
, the former Genentech VP of cancer immunology who is now
president of research at PICI
.
Nicholas Restifo
, a 30-year principal investigator at NIH, is the startup’s chief medical officer. The technology chief is David Thompson, who’s also co-founded 64x Bio, a startup in the viral gene therapy manufacturing field. The board is led by Matthew Rabinowitz, the former longtime CEO of Natera.
It has also brought on major figures, including Bob Langer, Carl June, Drew Weissman, George Church and Michael Snyder as advisors. Its CEO is Denitsa Milanova, a mechanical engineer who did fellowships in Snyder and Church’s labs.
While it’s named after the powerful Italian Renaissance dynasty, Medici’s origins are more humble.
It began life several years ago as Marble Therapeutics, which was working on anti-aging. But it began to point its cellular rejuvenation platform and other technologies toward oncology, with the goal of developing cures rather than step changes, according to a source familiar with the biotech’s evolution.
ARCH is known for taking large swings with loads of cash, sometimes leading to multibillion-dollar successes such as obesity drug developer Metsera. Co-founder Bob Nelsen has previously said the firm tries to “hit
home runs
all the time.”
At Medici, it would need a manufacturer to help speed up development of its therapies and get into the clinic, potentially as soon as next year. That drove the purchase of Nutcracker, after talks this summer. Nutcracker’s microfluidic chip-based process can help make medicines in a box that is similar in size to an office printer.
Nutcracker’s shareholders will become Medici shareholders, according to a source familiar with the matter. The combined company has about 60 employees, according to another source. All of the sources cited here spoke on condition of anonymity, and they also didn’t share many details on the startup’s scientific programs.
Like most of ARCH’s other major bets, Medici will likely face competition along the way.
BioNTech, Moderna and its partner Merck, and multiple other biopharmas have been trying to create personalized cancer vaccines for years. Meanwhile, the first TCR drug was approved by the FDA, with Adaptimmune’s sarcoma therapy Tecelra. But Adaptimmune struggled financially and eventually
sold Tecelra
, along with other cell therapy assets, for $55 million in cash earlier this year.
ARCH is willing to take on those risks, though. Preventive medicine has become a key piece of the firm’s investing mission.
“Why would we take a really shitty healthcare system that wastes $3 trillion a year, probably, of the $4 trillion, on a reactive healthcare system instead of reinventing it to be more preventive and more curative and that we don’t need all these big, giant hospitals and a bunch of other stuff?” Nelsen said in a
September 2024 interview
.
Editor’s note: This story was updated to clarify that PICI is finalizing its investment plans in Medici.