STAT+: AI drug firm Pathos raises $237 million, pushing valuation to $3 billion

Artificial intelligence-focused drug development company Pathos has announced a $237 million Series E fundraising round led by Bristol Myers Squibb, bringing its valuation to an estimated $3 billion. The funding will allow Pathos to expand its focus beyond oncology treatments to include neurological conditions. This expansion is made possible by new datasets from Tempus AI and a partnership with Bristol Myers Squibb that will initially target Alzheimer's disease.

Pathos believes that its use of AI can significantly improve the success rate of drugs that make it through clinical trials, which have a notoriously low conversion rate. The company's proprietary model, Foundry, employs thousands of agents to calculate the probability of success for its clinical assets. These agents analyze a range of data sources including clinical data, genomics, biological specimen data, and competitive information from other drug developers.

By leveraging this data, Pathos is able to make informed decisions on which drugs to pursue, which populations to test them in, and how to design clinical trials for optimal results.