Totus Medicines Secures $66 Million in Series B Funding
Totus Medicines, a company at the forefront of revolutionizing small molecule drug discovery and development through the utilization of covalent libraries and AI tools, announced today the appointment of Nassim Usman, Ph.D., as President & Chief Executive Officer, alongside the successful closure of a $66 million Series B financing led by DCVC Bio. Neil Dhawan, Ph.D., Totus co-founder, founding CEO, and CSO, will transition into a new role as CSO and Head of R&D, where he will continue to oversee the company’s platform, programs, and data.
“We are thrilled by Nassim’s arrival,” stated DCVC Bio Managing Partner John Hamer. “He brings exceptional experience and acumen to a company poised to bring much-needed therapies to market. I’m equally excited by the fact that Neil – whose vision and determination have brought Totus to where it is – will continue to contribute at a senior level to the company’s rapid growth.”
“Nassim is exactly the right leader for Totus,” added Dhawan. “His extensive drug development background and vision for the Totus platform will help lead us through the next phase of growth for the company. His strong management experience will help shape Totus as we continue to advance breakthrough therapeutics, and just as importantly, Nassim embodies our culture and values.”
Before joining Totus Medicines, Dr. Usman served as President, CEO, and Board member at Catalyst Biosciences (NASDAQ:CBIO, now Gyre Therapeutics, NASDAQ:GYRE). Dr. Usman boasts an extensive background in C-Suite management (CSO, COO, CEO, and Principal Financial Officer), Board membership, and venture capital investing (Morgenthaler Ventures) in several private and public companies, including Sirna Therapeutics (acquired by Merck) and Principia Biopharma (acquired by Sanofi). Dr. Usman currently serves on the Board of GYRE and the advisory boards of two private biotechnology companies. Throughout his career, he has advanced multiple drugs into clinical development, executed numerous licensing deals, and raised capital through private and public financings. Dr. Usman received his B.Sc. and Ph.D. in Organic Chemistry from McGill University and completed a post-doctoral fellowship at MIT.
“Neil and the entire team at Totus have built an extraordinary platform with the potential to transform small molecule discovery, and have built a pipeline of clinical candidates led by TOS-358, a covalent inhibitor of PI3Ka in the clinic,” said Dr. Usman. “I am delighted to join Neil, our investors, and the team as we build out the platform and advance our clinical development pipeline.”
The company successfully closed the final tranche of a Series B financing totaling $66 million, with DCVC Bio leading the way and participation from North Pond Ventures, Camford Capital, and the Regents of the University of Minnesota. The proceeds from the Series B financing will be directed towards advancing Totus’ clinical program, expanding the pipeline, and evolving the platform.
