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Boulder biotech firm closes on $16 million round of financing
Ambrosia Biosciences plans to scale up drug discovery to treat obesity and other metabolic disorders
ColoradoBiz Staff //August 20, 2024//
Image courtesy of Adobestock.
Image courtesy of Adobestock.
Boulder biotech firm closes on $16 million round of financing
Ambrosia Biosciences plans to scale up drug discovery to treat obesity and other metabolic disorders
ColoradoBiz Staff //August 20, 2024//
Boulder-based Ambrosia Biosciences Inc. announced Tuesday the closing of Series A financing totaling $16 million. The funding round was led by BVF Partners and Boulder Ventures. Ambrosia’s financing will be used to scale up its drug discovery programs and laboratory operations in Boulder.
“Array BioPharma was among the best small molecule drug discovery teams on the planet,” said Kyle Lefkoff, founding partner at Boulder Ventures and executive chairman of Ambrosia. “With the recent shutdown of the Pfizer/Array R&D facility here in Boulder, we have re-assembled the Array medicinal chemistry team at Ambrosia to apply that same expertise to obesity.”
The privately held company develops orally delivered, small molecule-based therapies for obesity and other metabolic disorders.
“While this is a very active space, there is significant science yet to be understood and plenty of opportunity to improve upon existing GLP-1 based drugs,” said Nick Traggis, president and founder of Ambrosia. “I’m proud of the work our founding science team has already done and look forward to using this financing to scale up our drug discovery efforts.”
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