Two ex-Moderna leaders have hit a milestone in their new endeavor, closing a $325 million inaugural fund for their biotech venture capital firm called Ascenta.
Back in 2023, Evan Rachlin, M.D., and Lorence Kim, M.D., launched the indication-agnostic VC. Since then, Ascenta has led or co-led six syndicates, delivering more than $100 million in collective capital for biotechs in phase 1 or 2 clinical trials, according to an Oct. 9 release.
Ascenta portfolio companies include RNA-focused ADARx Pharmaceuticals, cancer company Iambic Therapeutics, autoimmune and inflammatory disease biotech Odyssey Therapeutics, cardiovascular-focused Cardurion Pharma, obesity biotech OrsoBio and radiopharmaceutical company Alpha9 Oncology.
The Florida-based firm backs companies that tout multiple-medicine platforms—which it says “balance risk through diversified pipelines”—and are in the earlier phases of human studies.
“Ascenta pursues an intentionally selective investment strategy founded on deep relationships,” co-founder and managing partner Rachlin said in the release. Before Ascenta, he clocked in time at Blackstone Life Sciences and guided strategy at mRNA specialist Moderna before that.
“By focusing on a small number of exceptional biotechs, we can concentrate our thought-partnership on clinical, regulatory, manufacturing, scientific and capital strategy,” Rachlin added. “Investing at this stage is inherently a collaborative effort, not just with biotechs but also other world-class investors in our syndicates.”
The leader is joined by fellow co-creator Kim, who also serves as a managing partner. Kim is known for helping form ElevAAte Biotech, a nonprofit aiming to bolster East Asian American leadership in biopharma. He also previously served as a partner at Third Rock Ventures and as Moderna’s chief financial officer.