EQRx is kickstarting with a bang by collecting $200M in Series A financing led by GV, ARCH Venture Partners, and Andreessen Horowitz.
FREMONT, CA: EQRx, a renowned biotech company, is launching with Series A funds accounting to $200 million. The round was led by GV, ARCH Venture Partners, Section 32, Nextech, and Arboretum Ventures, among other major investors. The research company, EQRx, is manufacturing affordable, novel, and patent-protected medicines that are sustainable for healthcare systems. EQRx is one of a kind biotechnology company that is focused on the process of re-engineering drug discovery to patient delivery holistically. The firm’s main goal is to offer a market-based solution for increasingly expensive medicines. The company has been leveraging advanced science and technology solutions to make treatments for fatal and chronic diseases affordable to people. It intends to provide its therapies and medicines at a much lower price when compared to other innovative relief systems.
"Over the last several decades, society has benefited from unprecedented technological advances and a deeper understanding of disease biology, revolutionizing the way many diseases are treated today. That said, the pricing of new therapeutic approaches is pushing beyond the limits of common sense, preventing people and society from equally benefiting from innovation," said Alexis Borisy, chairman and chief executive officer of EQRx. "The time is now for a market-based solution to rising drug costs. Our blue-chip team of founders and leaders is proud to launch EQRx and to lead the way in redefining what it means to innovate and deliver high-quality medicines that are within reach of people through more equitable prices."
"The process of developing and bringing new drugs to market should and can be organized towards the goal of their being affordable both for patients and society," said Peter Bach, MD, co-founder of EQ
Rx and director of the Center for Health Policy and Outcomes, Memorial Sloan Kettering Cancer Center. "Today, even people with insurance are delaying filling prescriptions or going without due to the high-cost sharing that is 'part and parcel' of high drug prices. New approaches are needed. EQRx aims to create affordable new medicines that are priced for access, and accessibility is the critical attribute for every medicine if it is going to improve people's health."
"The bold mission of EQRx to deliver better medicines at lower prices is one that can redefine the therapeutics landscape," said Krishna Yeshwant, MD, general partner, GV. "The company's business model will deliver a sustainable approach for creating, reinvesting in, and rewarding therapeutics innovation, while ensuring these new medicines are broadly accessible to people and healthcare systems through dramatically lower pricing."
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