NEW YORK – Pathos AI on Tuesday said it raised $62 million in an oversubscribed Series C financing round, which it will use to develop its artificial intelligence-driven drug development platform, PATHOSTM, and advance its clinical-stage pipeline of oncology drugs.
New Enterprise Associates led the financing round, which included participation from Revolution Growth and existing investors, including Lightbank and Builders VC.
The Chicago-based company is using PATHOSTM to design clinical trials for its therapy candidates P-300 (pocenbrodib) and P-500 (previously called PRT811) and develop a patient selection strategy that will optimize their success through clinical testing.
Pathos AI acquired P-500 from Prelude Therapeutics in August. In the Phase I trial of that drug conducted by Prelude, two out of 16 patients with IDH1/2-mutated, high-grade glioma had confirmed complete responses. One of those complete responses was ongoing after 31 months of follow-up, and the other complete response lasted 7.5 months. Another patient had an unconfirmed partial response.
Using PATHOSTM, the company identified biological mechanisms relevant to drug response and connected them to outcomes experienced by IDH-positive patients in the study. According to Pathos AI, that insight explains mechanistically why certain patients responded and others did not and can help identify patients most likely to benefit from P-500. Pathos AI plans to translate that discovery into an enhanced patient selection strategy within a new clinical trial.
"This funding will allow us to scale our operations and translate our insights to improve the lives of patients at an accelerated pace," Pathos AI interim CEO Ryan Fukushima said in a statement.
Pathos AI said it continues to use its platform to identify clinical-stage assets with Phase I data that it may acquire.