Jackson Laboratory cancer drug spinout Cyteir Therapeutics extended its series B round thanks to investors including Osage University Partners and Novo Holdings.
Cyteir Therapeutics, a US-based synthetic lethal cancer drug spinout of nonprofit research hub Jackson Laboratory, increased its series B round to $75.2m yesterday with $40.2m from investors including spinout-focused investment firm Osage University Partners (OUP).
Pharmaceutical developer Novo Holdings led the round and was joined by its peer Celgene, oncology-focused investment firm Droia Oncology Ventures and VC firms Lightstone Ventures and Venrock.
Venrock previously led the initial $29m close in March 2018 with contributions from Celgene, Lightstone and Droia.
Founded in 2012, Cyteir Therapeutics hopes to commercialise small molecule oncological drugs targeting enzymes known as cytidine deaminases which damage the body’s DNA and become hyperactive within cancerous tissues.
The company’s approach would destroy cancer cells by inhibiting the RAD51 proteins responsible for repairing cytidine deaminase-driven effects. Its lead candidate, CYT-0851, has entered a phase 1/2 trial targeting a range of B-cell and solid tumour-borne malignancies.
Cyteir will use funds from the series B extension to expand the CYT-0851 program and underlying thesis as it looks for additional candidates using its synthetic lethality screening technology.
Karen Hong, partner at Novo Ventures, a corporate venturing arm of Novo, will join the company’s board of directors.
The spinout’s founding team includes chief scientific officer Kevin Mills, a former associate professor in genetics at Jackson Laboratory.
Celgene joined a group of unnamed private investors to put $5.5m into Cyteir’s series A round in 2015, with a regulatory filing from the following year indicating the round closed at $5.8m.
