Pathos AI teams up with Bristol Myers and Tempus AI to advance drug development

By Reuters News

Oct 23 (Reuters) - Pathos AI said on Friday it had entered into a collaboration with Bristol Myers Squibb BMY.N and Tempus AI TEM.O to develop artificial intelligence tools for drug development in Alzheimer's disease and other neurological disorders.

Pathos AI also raised $237 million in a Series E funding round led by Bristol Myers that valued the New York-based company at about $3 billion, with participation from existing investors.

Here are some other details:

  • Tempus will build a dataset from hundreds of thousands of patients with neurological disorders to help track outcomes and speed research into disease biology

  • Pathos will license the data from Tempus under a five-year, $55 million agreement

  • Pathos will apply its AI platform, Pathos Foundry, to study the dataset at scale, generate and test hypotheses on disease biology, and inform the design of more targeted, adaptive clinical trials

  • Bristol Myers will gain non-exclusive strategic access to Pathos Foundry across its broader portfolio, as well as three-year exclusive rights to use the platform for its neuroscience development programs

  • Proceeds from the financing will be used to further scale the Foundry platform's capabilities and accelerate development of its AI-driven pipeline, including advancing experimental cancer drug, JSKN016

  • The funding will help advance development of other cancer programs including an AstraZeneca AZN.L-partnered experimental breast cancer drug

Capital.com is an execution-only brokerage platform and the content provided on the Capital.com website is intended for informational purposes only and should not be regarded as an offer to sell or a solicitation of an offer to buy the products or securities to which it applies. No representation or warranty is given as to the accuracy or completeness of the information provided.

The information provided does not constitute investment advice nor take into account the individual financial circumstances or objectives of any investor. Any information that may be provided relating to past performance is not a reliable indicator of future results or performance.

To the extent permitted by law, in no event shall Capital.com (or any affiliate or employee) have any liability for any loss arising from the use of the information provided. Any person acting on the information does so entirely at their own risk.

Any information which could be construed as “investment research” has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such is considered to be a marketing communication.