Iambic files IPO after signing up AbbVie as new partner
Iambic Therapeutics co-founders Fred Manby and Tom Miller.
Iambic Therapeutics, which specialises in applying AI to drug discovery and development, has filed for an IPO on the Nasdaq, shortly after adding AbbVie to its roster of pharma partners and launching the latest version of its Enchant platform.
The San Diego startup is seeking additional funding to help advance its lead in-house drug candidate IAM1363, an oral and brain-penetratingHER2 inhibitor that is in phase 1 testing for HER2-positive breast cancer and other tumours like non-small cell lung cancer (NSCLC).
Iambic's AI platform – based on a closed-loop system that combines AI with automated chemistry and biology lab capabilities – was used to come up with a small-molecule HER2 inhibitor that, unlike other drugs in the class, has a very low tendency to interact with EGFR, which can contribute to toxicity. Iambic is pitching to start a registrational trial for IAM1363 next year.
Along with funding additional trials of that drug, Iambic has earmarked some of the IPO proceeds for two following candidates in preclinical development, namely KIF18A-targeted IAM217 for breast and ovarian cancers and anti-CDK2/4 candidate IAM-C1, which is being developed for HR+/HER2- breast cancer and CCNE1-amplified tumours. Applications to start clinical testing of those compounds are expected before the end of the year.
Iambic – which said its new version of Enchant (v3) is an "architectural leap" over the previous model – plans to list on the Nasdaq under the IAM symbol. The latest iteration has been trained using 41 billion parameters on more than 6,000 molecular properties across 16 biomedical data modalities, according to the company, which counts chip giant NVIDIA among its backers.
AbbVie alliance
Meanwhile, the new agreement with AbbVie adds to existing partnerships with Takeda, Lundbeck, Revolution Medicines, Jazz Pharma, and Bayer. Terms of the deal have not been disclosed, but include an upfront payment, success-based milestone payments, and tiered royalties on net sales if any products reach the market.
AbbVie said it would tap into Iambic's capabilities to speed up small-molecule drug discovery in immunology, neuroscience, and oncology and would span multiple years. The collaboration will use Enchant v3, which AbbVie said offers "industry-leading prediction accuracy across drug discovery and development."
Thomas Miller, Iambic's co-founder and chief executive, said: "Together we will apply Iambic’s molecular superintelligence platform toward the discovery of small molecule programs with first-in-class and best-in-class potential."
He added: "The AbbVie collaboration reinforces Iambic's position as a leader among AI-driven drug discovery platform companies, supported by early clinical data."
