Cycle Pharmaceuticals, a Cambridge, England-based patient-dedicated biotechnology company focused on developing and delivering medicines for rare diseases, has executed a definitive agreement for a $25m credit facility with Deutsche Bank AG.
This strategic financing allows Cycle to build on the success of NITYR® (nitisinone) Tablets, which treats patients with the rare genetic metabolic disease, hereditary tyrosinemia type 1. The company’s mission is to use the latest pharmaceutical technologies to deliver drug treatments to serve rare genetic disease patients.
Founded in 2012 and led by Antonio Benedetti, Chief Executive Officer, Cycle Pharmaceuticals delivers drug treatments and services focusing on rare genetic metabolic disorders and neurological conditions. Cycle is headquartered in Cambridge, UK and has offices in Boston, Mass.
Separately, Varsity Pharmaceuticals is incorporated as an independent business, receiving financing from the above transaction. Varsity’s mission is to develop and deliver oncology drug treatments focused on resolving the emerging resistance to PARP inhibitors and other existing drug classes. Varsity uses synthetic lethality approaches and builds on intellectual property developed at the Chemistry Department, University of Cambridge and licensed by Cambridge Enterprise to Varsity. Further pre-clinical work will commence shortly in collaboration with the Cancer Research UK Cambridge Institute, University of Cambridge.