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Infinity: What the Market's Looking For?

Infinity Pharmaceuticals Inc. turned heads when it raised a $70 million Series B financing round this past June. The start-up founded by very big name scientists and business people says it has spent the past year laying the foundations of a three-part chemistry-screening-assays platform. Managers believe the capacities they're developing and integrating with sophisticated information technology will reinvent drug discovery. The firm is now looking for others that share the vision, and aims to do deals that give the market what it wants.

In this chilly financing climate, heads turned when Infinity Pharmaceuticals Inc. grossed $70 million in a Series B financing round in June [See Deal]. Then the whispering started. The company founded by very big-name scientists and business people was a year old, but nobody had heard much from it. Rumor had it that Infinity was having trouble making its novel chemistry platform work. What, precisely, has been going on over there?

Everything's going fine—it's just that implementing plans as ambitious as Infinity's takes time, says CEO Steve Holtzman, who became a biotech-industry star by doing creative and highly valued deals in...

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