Healx Raises $47 Million for Drug Development

Cambridge-based Healx has successfully raised $47 million in a Series C funding round co-led by R42 Group and Atomico, aiming to advance its AI-driven drug discovery for rare diseases, specifically targeting neurofibromatosis type 1 (NF1). The funding will support the Phase 2 clinical trial of its lead drug HLX-1502, which has received FDA approval and is expected to begin testing by December 2024. Healx has now raised approximately $110 million since its founding in 2014, using its proprietary Healnet AI platform to uncover new treatment opportunities by analyzing complex biological and chemical data. The company is focusing on the substantial unmet needs in the rare disease market, where about 95% of the 7,000 rare diseases lack an approved treatment. Healx's innovative approach promises to significantly reduce the time and cost associated with traditional drug discovery methods. The recent funding also brings new board member Ronjon Nag, a noted figure in the AI field, further strengthening Healx's leadership.