Seattle-based biotech Outpace Bio is planning "some very targeted hiring" after raising a $144 million Series B round Thursday, its CEO said.
Co-founder and CEO Marc Lajoie said the company has 53 employees, most of whom are based in the Seattle area, save for a few key roles that can be done remotely. The company expects to add less than 20 employees over the next year, he said.
"We've essentially built everybody we need to go from concept through clinical data," Lajoie said. "This next phase of our company is really about generating clinical data."
Outpace, founded in 2021, is using protein design to create better cell therapies. The company is targeting solid tumors, starting with ovarian cancer, through its lead program, OPB-101. Lajoie said cell therapies work well treating blood cancers but not as well with solid tumors, but Outpace's technology is aimed at reprogramming how cell therapies work in patients so they can fight solid tumors.
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The new funding will take Outpace through multiple clinical readouts, Lajoie said. The company wants to move into clinical trials with its lead program next year. Outpace has raised about $200 million to date.
Outpace Bio has about 23,000 square feet of space at Dexter Yard in Seattle's South Lake Union neighborhood. Lajoie said the company has enough space at the building for the near future.
RA Capital Management led the Series B round, while Qatar Investment Authority, Surveyor Capital, Sheatree Capital, Black Opal Ventures, Alexandria Venture Investments, Artis Ventures, Playground Global, Bristol Myers Squibb, Abstract Ventures, Civilization Ventures, Mubadala Capital, Breton Capital Ventures, WRF Capital, Sahsen Ventures and others participated.
RA Capital Management has also invested in local biotechs like Tasso, Curevo Vaccine and ProfoundBio, which was acquired by Genmab in May for $1.8 billion.
Lajoie said Outpace's technology could target other solid tumors down the road.
"We hope to have a huge impact in ovarian cancer, and then we expect to go far beyond that," Lajoie said. "Ninety-five percent of cancers do have treatment options, we just want them to have better treatment options."
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