Cydan, LLC, a Cambridge, Mass.-based orphan drug accelerator, raised an additional $10m funding.
The round was led by new investors Lundbeckfond Ventures and Bay City Capital, with participation from previous investors New Enterprise Associates (NEA) and Alexandria Venture Investments. In conjunction with this investment, Lundbeckfond Ventures Managing Partner Mette Kirstine Agger, MBA and Bay City Capital Investment Partner and Managing Director Carl Goldfischer, M.D., are joining Cydan’s Board of Directors.
The company, which launched in April 2013 with a $16m financing from the above mentioned exiting bbackers and Pfizer Venture Investments (read here), intends to use the funds to execute its model of de-risking assets to support the launch of new companies focused on rare diseases.
Led by Cristina Csimma, Pharm.D., CEO, Cydan evaluates programs for treating rare diseases with high unmet medical need and is aimed at creating new companies to develop those therapies.