Accelerator launches N.Y.-based Petra with $48M

Biotech investment and management company Accelerator Corp. (Seattle, Wash.) launched its first company in New York, where it officially expanded operations in 2014. Newco Petra Pharma Corp. (New York, N.Y.) debuted with $48 million in series A funding and a deal with Weill Cornell Medical College to develop small molecule inhibitors for cancer and metabolic diseases.

"Petra is the largest series A that we've ever done," Accelerator CEO Thong Le told BioCentury. ...