Mars Investment and Takeda back Toronto spinout Encycle in C$2.85m round.
Toronto University biotech spinout Encycle Therapeutics has raised C$2.85m ($2.15m) in a round led by Takeda Ventures, the corporate venturing unit of Takeda Pharmaceutical.
Others joining the round were innovation group Mars through its Investment Accelerator Fund, Accel-Rx Health Sciences Accelerator, and BDC Capital.
Encycle previously raised C$2.5m in 2014 in a round with unnamed investors, bringing its total venture support to C$5.35m.
The funding will be used to support the Canada-based company’s nacellin platform chemistry used to develop novel therapeutics. Encycle is also aiming to use the cash to build on research collaboration with other pharmaceutical firms to position itself for future funding and partnerships.
Jeffrey Coull, president and CEO of Encycle Therapeutics, said: “Our proprietary chemistry has the potential to unlock myriad therapeutic avenues, including via intracellular protein-protein interactions that cannot be targeted with conventional therapeutics. This funding is critical to enable the company to further explore the vast potential of our technology and to de-risk it to the extent that major transactions will be enabled.”
Ilan Zipkin, senior investment director at Takeda, added: “Our goal is to make an impact on patients’ lives by turning science and technology into life-changing medicines. We are enthusiastic about Encycle’s technology and its potential in the context of ‘undruggable’ proteins.”
