Good day. Biotechnology startups advancing medications known as “molecular glues” are drawing significant investor interest because of how the drugs might affect a variety of disease proteins.

Molecular glues are compounds that induce an interaction between two proteins. A molecular glue could, for example, cause a disease protein to be marked by another protein for degradation, or destruction. This harnesses the machinery of cells to eliminate a protein involved in cancer or other diseases.   

Existing drugs that work as molecular glues include rapamycin, used to suppress the immune system, said Brian Safina, president and chief scientific officer of Magnet Biomedicine, which has raised $50 million in Series A financing.

Magnet aims to extend molecular glues beyond protein degradation. Using its expertise in areas such as human genetics and proteomics, or the repository of proteins in the body, the Boston-based startup says it aims to advance molecular glues that alter the functions of target proteins in various ways, such as by inhibiting them.  

Magnet aims to uncover treatments for cancer, cardiovascular disease and immune disorders, Safina said. 

Another startup in the molecular-glues field, Orionis Biosciences, on Wednesday disclosed a collaboration with drugmaker Genentech to discover molecular-glue treatments. Orionis will receive $47 million upfront and could earn success-based payments of more than $2 billion, according to the startup, which has offices in the U.S. and Belgium.

And now on to the news...

Synthetic biology. Synthetic biology increasingly is moving from the laboratory to the marketplace, where it could help companies meet rising demand for sustainable materials, foods and fuels, therapies and vaccines, The Wall Street Journal reports.

• Improvements in computing power and artificial intelligence are helping scientists code living organisms for new outcomes and functionality.
   
• Several companies in the space that are using artificial intelligence to help lead the charge.
   
• Ginkgo Bioworks, for example, uses tools such as rootics, software and data analytics to genetically program cells to produce compounds for applications in areas such as food ingredients, fragrances, cosmetics and medications.

Artificial intelligence is turbocharging the frontiers of biological research, helping scientists program living organisms much as a software engineer might write code, WSJ reports. Some scientists are even creating new proteins not found in nature.

• The field, known as synthetic biology, is breaking down barriers in medical science and pharmaceuticals as well as food science and agriculture, energy and climate change research.
   
• Synthetic biology, a broad term, is often used to describe the practice of taking existing proteins or biological material and reprogramming or repurposing them to achieve a new function or goal. 

Two investors experienced in the emerging field of longevity research have launched Age1, a venture-capital firm targeting life sciences startups that have technologies designed to help people live longer and healthier lives. Laura Deming, 29, a well-known investor in the field who founded Longevity Fund in 2011, and Alex Colville, 30, who studied the biology of aging at Stanford University, have co-founded San Francisco-based Age1. Age1 has raised $35 million toward a first fund expected to total $50 million.

Marketing-automation platform Klaviyo’s shares opened more than 20% higher in its market debut, the latest company whose shares jumped on its opening day of trading, WSJ reports. The Boston-based firm helps companies send more-targeted emails and text messages. It was founded in 2012 by Andrew Bialecki, its chief executive, and Ed Hallen, chief product officer. Shares of Klaviyo, trading on the New York Stock Exchange under the ticker KVYO, opened at $36.75 Wednesday, 22.5% above its initial public offering price of $30. Shares traded as high as $39.47, and closed at $32.76.

People

Recharge Capital appointed Margaret Wang as managing partner, where she will focus on leading its women’s health strategy. She joins the firm from Bridgewater Associates.

Pappas Capital said Nick Pappas was appointed managing partner of Pappas Ventures, the firm's life science venture business. He was previously a managing partner and head of investments at Philips Ventures.

Two Bear Capital promoted J. Seth Strattan to general partner. He joined the firm from Stanford University. Two Bear focuses on biotechnology, bioinformatics, healthcare IT, machine learning and AI, and information security. 

CorriXR Therapeutics, a startup developing breakthrough technology that overcomes drug resistance in solid tumors, named Deborah Moorad to the post of chief executive officer, succeeding Eric B. Kmiec. Moorad was previously CEO of Nature Technology.

OXOS Medical, developer of a handheld digital x-ray system, named Jeff Brown as the company’s new chief operations officer. He was previously at Johnson & Johnson, Boston Scientific, Endologix and Steris.

Public safety platform RapidDeploy appointed Dami Bullock as chief revenue officer and David Stack as chief financial officer. Bullock was previously senior vice president at ANDE. Stack was most recently CFO at RepTrak.

Healthcare fintech startup PayZen hired Praveen Chandran as chief product officer. Prior to joining the company, he worked at Affirm.

Corti, a Copenhagen-based provider of an artificial intelligence co-pilot for healthcare interactions, scored $60 million in Series B funding co-led by Prosus Ventures and Atomico.

ReCode Therapeutics, a Menlo Park, Calif.-based genetic medicines startup, added $50 million in Series B financing from new investors including Bioluminescence Ventures, bringing the round total to $260 million. Kouki Harasaki, founding and managing partner of Bioluminescence, joined the company’s board.

Vivante Health, a Chicago-based digital digestive health platform, closed a $31 million Series B round led by Mercato Partners.

Inbound Health, a Minneapolis-based startup enabling health systems to offer acute and post-acute care in the home, closed a $30 million Series B round led by HealthQuest Capital.

Virtual Incision, a Lincoln, Neb.-based developer of a miniaturized robotic-assisted surgery system, added $30 million in Series C funding on top of the $46 million the company raised previously toward the round. Series C investors included Endeavour Vision, Arboretum Ventures and PrairieGold Venture Partners.

Take Command, a Dallas-based software-as-a-service platform that helps companies reimburse employees for health insurance, picked up $25 million in growth stage financing. Edison Partners led the investment, with General Partner Gregg Michaelson joining the board.

Broken String Biosciences, a U.K.-based genomics startup, landed $15 million in Series A funding from investors including Illumina Ventures.

BioLoomics, a Boulder, Colo.-based startup developing target degrading antibodies using human cells, raised $8.7 million in seed funding led by Innovation Endeavors.

Mural Health Technologies, a clinical trial participant management platform, was seeded with an $8 million investment. Bessemer Venture Partners led the round, with Steve Kraus joining the company’s board.

HealNow, a New York-based online payments platform for pharmacies, grabbed $5.5 million in seed funding led by Bonfire Ventures.

• He’s been naming Covid variants. Not everyone’s happy.

• Google DeepMind’s AI model scours our genes to guess who might get sick

• All pregnant women should be screened for blood-pressure disorders, U.S. advisers say

• Hard-core sleepers obsess over their snoozing stats

• AI is coming to your dentist’s office (STAT)
   
• Why the FDA took so long to tackle a disputed cold remedy (New York Times)
   
• PBMs, PhRMA trade blame over drug costs in House hearing (BioPharma Dive)
   
• Three siblings with cystic fibrosis bonded over daily struggles. Then came a breakthrough drug. (Boston Globe)

This newsletter was compiled by Matthew Strozier, Zachary Cole and Brian Gormley. 

WSJ Pro Venture Capital is a premium service of The Wall Street Journal. We cover venture capital and the global startup ecosystem. Share your tips, comments and questions: vcnews@wsj.com

The Team: Matthew Strozier, Yuliya Chernova, Brian Gormley, Angus Loten, and Marc Vartabedian.

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