Authored by James Sheppard
The Cambridge based biotech Bicycle Therapeutics announced that it raised $32m in venture financing to continue developing the company’s assets in oncology and ophthalmology.
The funding round saw some of the industry’s biggest investor names with Atlas Ventures, SV Life Sciences, Novartis, SR One and Astellas all joining in the round. Atlas, a founding investor in Bicycle Therapeutics led the round, capital which will allow Bicycle to select a lead asset by the end of the year, start IND enabling studies and get the first program into phase I/II by mid-2017, with a second candidate entering the clinic soon after.
Bicycle Therapeutics is based on the work done by Sir Greg Winter the high profile scientist who founded Domantis and Cambridge Antibody Technology. Bicycle are looking to target improvements in classic antibody therapy. The company is working on a new class of drugs called bicycle peptide drug conjugates that are 100 fold smaller than antibodies. These new drugs offer a structure that provides high stability and high affinity to binding targets.
Rolf Günther, CEO of Bicycle Therapeutics said ‘Bicycle technology was invented by our founders, Sir Gregory Winter and Professor Christian Heinis. We have developed the platform for rapid discovery and optimisation of drug candidates, and are delighted that we are now able to demonstrate clinical utility of this exciting new class of molecules.’