Encycle Therapeutics, Inc., a Toronto, Canada-based drug discovery company, completed a CAD$2.85m financing.
The round was led by Takeda Pharmaceutical Company, through its venture capital arm Takeda Ventures, Inc., with participation from Accel-Rx Health Sciences Accelerator, BDC Capital and MaRS Investment Accelerator Fund.
The company intends to use the funds for ongoing development of its nacellin platform chemistry, advance its pipeline of novel therapeutics, build on research collaborations with several pharmaceutical companies and position it for a series A transaction and/or additional strategic partnerships.
A University of Toronto spin-off company created in partnership with MaRS Innovation, and led by Dr. Jeffrey Coull, president and CEO, Encycle Therapeutics has generated several scaffolds that are membrane permeable and orally bioavailable, such nacellins being ideal for targeting protein-protein interactions. Encycle’s lead program focuses on the development of a non-immunogenic, orally bioavailable inhibitor of integrin alpha-4-beta-7 for the treatment of inflammatory bowel disease. The company has also entered into several ongoing research collaborations with major pharmaceutical companies, including AstraZeneca, GSK, Merck, Pfizer and Takeda.