UK-based next-generation biotherapeutics company, Bicycle Therapeutics, today announced that it has secured a tranched equity financing of £3.75m to invest in a selection of drug candidates.
The money will be used for its proprietary bicyclic peptide technology that enables the discovery of drug candidates with antibody-like selectivity and specificity.
The company will apply the technology to drug discovery projects in oncology, metabolic and inflammatory diseases.
The technology will also be made accessible to collaborative discovery projects with its pharmaceutical partners.
Bicycle Therapeutics CEO Rolf Günther said; "This financing marks our transition from technology development to drug discovery, using our bicyclic peptide libraries, high throughput screening and lead optimisation technology.
"We are now expanding our discovery efforts to address multiple drug target classes. We welcome Astellas Venture Management as a new strategic investor, further endorsing the potential of our platform."
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Current investors in the technology include Atlas Venture, Novartis Venture Fund, SR One and SV Life Sciences, with new investors being Astellas Venture Management, the venture capital arm of Astellas Pharma.
Astellas Venture Management president and CEO Sakae Asanuma, said; "We are extremely excited to be part of Bicycle’s promising innovation. Bicycle’s unique proprietary platform technology, which generates a new modality of peptide therapeutics, has enormous potential that can benefit the entire healthcare community."