Bicycle Therapeutics, a Cambridge, UK-based biotech firm focused on developing bicyclic peptides, raised $32m in funding.
Backers included previous investors Atlas Venture, Novartis Venture Fund, SR One, SV Life Sciences and Astellas Venture Management.
The company intends to use the funds for the clinical development of therapeutic bicycle drug candidates in oncology.
Led by Rolf Günther, CEO, and Andrew Sandham, Chairman, Bicycle Therapeutics has developed a proprietary bicyclic peptide based technology that enables the discovery of a new class of drug candidates (bicycles) providing antibody-like affinity and selectivity in a smaller chemically synthesized molecule.
The company is applying the technology to drug discovery projects in areas including oncology, respiratory, inflammatory and ophthalmology disease, as agonists, antagonists or for delivering payloads. Its projects in bicycle drug candidates for oncology will be leveraged by pharma partnerships. The first partnership, with ThromboGenics, is developing bicyclic peptide drug candidates to a specific ophthalmology target, for the treatment of diseases such as diabetic macular edema.