Bicycle Therapeutics, a UK-based developer of treatments for diseases with a high unmet need that is backed by University of Cambridge’s patient capital fund Cambridge Innovation Capital (CIC), has filed for an $86m initial public offering on the Nasdaq Global Market.
Founded in 2009, Bicycle Therapeutics is developing treatments for conditions with a high unmet need. It is initially focusing on oncology but plans to also target other disease areas, and is collaborating with biopharmaceutical firms in antibacterial, cardiovascular, haematology, ophthalmology and respiratory indications.
Bicycle Therapeutics’ technology is based on research undertaken by Gregory Winter and Christian Heinis at research institute MRC Laboratory of Molecular Biology.
The company will use the proceeds to complete preparations for phase 2 and 3 trials for its lead drug candidate, BT1718, which is aimed at certain types of ovarian, bladder, endometrial and triple negative breast cancer.
The money will also help advance two other products through phase 1a and phase 2a development. Bicycle’s standalone cancer treatment program, CD137, will be progressed through preclinical development, with one asset moved through a phase 1 study.
CIC took part in the company’s $52m series B1 round in May 2017. The round was led by Vertex Ventures HC, a healthcare fund operated by Singaporean state-owned venture capital firm Vertex Ventures.
SR One and Novartis Venture Fund, respective investment subsidiaries of pharmaceuticals firms GlaxoSmithKline and Novartis, also contributed to the series B1 round, alongside Longwood Fund, Atlas Venture and SV Life Sciences.
The company added $6.6m in funding in October the same year according to its IPO prospectus, with the extra capital seemingly supplied by Ahren Innovation Capital, an investment fund officially launched by Cambridge researchers in September 2018.
Bicycle subsequently received $27.9m in series B2 funding from CIC, Ahren Innovation Capital, Aquila Investments and Vertex Ventures HC in December 2018, before an unspecified investor injected another $1.6m in January 2019.
The company had already secured $32m in funding in 2014 from Novartis Venture Fund, SR One, and Astellas Venture Management, the corporate venturing arm of pharmaceutical firm Astellas, as well as Atlas Venture and SV Life Sciences.
Novartis Venture Fund, Astellas Venture Management, SR One, Atlas Venture and SV Life Sciences had also participated in a $6m series A round for Bicycle in 2012.
Vertex is currently the company’s largest shareholder, with a 12.8% stake, followed by Novartis (12.7%), Aquila (12.6%), SR One and SV Life Sciences (12.2% each), CIC (11.3%), Atlas Venture (9.2%), Ahren Innovation Capital (5.8%) and Longwood Fund (5.5%).
Goldman Sachs, Jefferies, Piper Jaffray and Canaccord Genuity have been hired as underwriters for the proposed offering.
– A version of this article first appeared on our sister site, Global Corporate Venturing.

Bicycle Therapeutics, a UK-based cancer therapy developer backed by pharmaceutical firms Astellas, Novartis and GlaxoSmithKline, has filed for an $86m initial public offering on the Nasdaq Global Market.

Founded in 2009, Bicycle Therapeutics is developing treatments for conditions with a high unmet need. It is initially focusing on oncology but plans to also target other disease areas, and is collaborating with biopharmaceutical firms in antibacterial, cardiovascular, haematology, ophthalmology and respiratory indications.

Bicycle Therapeutics’ technology is based on research undertaken by Gregory Winter and Christian Heinis at research institute MRC Laboratory of Molecular Biology.

The company will use the proceeds to complete preparations for phase 2 and 3 trials for its lead drug candidate, BT1718, which is aimed at certain types of ovarian, bladder, endometrial and triple negative breast cancer.

The money will also help advance two other products through phase 1a and phase 2a development. Bicycle’s standalone cancer treatment program, CD137, will be progressed through preclinical development, with one asset moved through a phase 1 study.

SR One and Novartis Venture Fund, respective investment subsidiaries of GlaxoSmithKline and Novartis, took part in the company’s $52m series B1 round in May 2017. The round was led by Vertex Ventures HC, a healthcare fund operated by Singaporean state-owned venture capital firm Vertex Ventures.

Cambridge Innovation Capital (CIC), the patient capital fund run by University of Cambridge, also contributed to the series B1 round, alongside Longwood Fund, Atlas Venture and SV Life Sciences.

The company added $6.6m in funding in October the same year according to a regulatory filing, with the extra capital seemingly supplied by Ahren Innovation Capital, an investment fund launched by Cambridge researchers.

Bicycle subsequently received $27.9m in series B2 funding from CIC, Ahren Innovation Capital, Aquila Investments and Vertex Ventures HC in December 2018, before an unspecified investor injected another $1.6m in January 2019.

The company had already secured $32m in funding in 2014 from Novartis Venture Fund, SR One, and Astellas Venture Management, the corporate venturing arm of Astellas, as well as Atlas Venture and SV Life Sciences.

Novartis Venture Fund, Astellas Venture Management, SR One, Atlas Venture and SV Life Sciences had also participated in a $6m series A round for Bicycle in 2012.

Vertex is currently the company’s largest shareholder, with a 12.8% stake, followed by Novartis (12.7%), Aquila (12.6%), SR One and SV Life Sciences (12.2% each), CIC (11.3%), Atlas Venture (9.2%), Ahren Innovation Capital (5.8%) and Longwood Fund (5.5%).

Goldman Sachs, Jefferies, Piper Jaffray and Canaccord Genuity have been hired as underwriters for the proposed offering.