Cyteir Therapeutics, a Lexington, Mass.-based leader in the discovery and development of next-generation synthetic lethal therapies for cancer, closed an additional $40.2m in Series B financing, for a total of $75.2m in this financing.
Novo Holdings led the round, joined by existing investors Venrock, DROIA Oncology Ventures, Osage University Partners (OUP), Lightstone Ventures and Celgene Corporation. As part of this closing, Karen Hong, Ph.D., of Novo Ventures, which provides consulting services to Novo Holdings, will join the Cyteir Board.
The additional funding will be used to expand the clinical investigation of Cyteir’s RAD51 inhibitor and lead compound, CYT-0851, and to identify new targets using the company’s novel gain-of-function synthetic lethality screening platform.
Led by Markus Renschler, M.D., president and CEO, Cyteir is an innovator in DNA repair, developing the next generation of synthetic lethal therapies designed to treat cancer. The company exploits the synthetic lethality of gain-of-function DNA-damaging genes and DNA repair inhibition, resulting in selective death among cells with high levels of DNA damage.