Recursion Pharmaceuticals Receives $2.6 Million in Follow-on Seed Funding
Summary
“By leveraging Big Data and Machine Learning, Recursion has created a capital efficient platform to analytically repurpose clinically safe compounds and help the millions of people suffering from genetic-based orphan diseases.” Recursion is one of a growing number of companies focused on drug repurposing and repositioning, a strategy that has gained traction because of the potential for more rapid translation to the clinic at lower costs compared to the traditional strategy of building new drugs from scratch.Recursion’s novel drug screening platform combines experimental biology and bioinformatics in a massively parallel system to quickly and efficiently identify treatments for multiple rare genetic diseases.Salt Lake City, UT, December 08, 2015 --( PR.com )-- Recursion Pharmaceuticals today announced a $2.6 million follow-on seed round led by Advantage Capital Partners, with additional participation from numerous angel investors.Leveraging the power of our unbiased and data-driven platform, we have the potential to improve the lives of rare disease patients worldwide.”Recursion’s business model focuses on using its platform to help partners identify new uses of proprietary, high-value molecules, as well as identifying novel uses of old drugs and bioactive compounds that Recursion can develop internally.This investment brings Recursion’s total private investment since founding to just over $4 million, in addition to the company’s more than $2 million in non-dilutive grant funding awarded by the National Institutes of Health’s Small Business Innovation Research (SBIR) program and various private foundations.About Recursion Pharmaceuticals, LLCFounded in 2013, Salt Lake City, Utah-based Recursion Pharmaceuticals, LLC is a drug discovery company.Recursion’s novel drug screening platform combines experimental biology and bioinformatics in a massively parallel system to quickly and efficiently identify treatments for multiple rare genetic diseases.