Cycle Pharmaceuticals, a privately-owned, global, patient-dedicated biotechnology company focused on developing and delivering medicines for rare diseases, today announced that it has executed a definitive agreement for a $25 million 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. Cycle’s mission is to utilise the latest pharmaceutical technologies to deliver best-in-class drug treatments to better serve rare genetic disease patients.
Antonio Benedetti, Chief Executive Officer of Cycle Pharmaceuticals, stated: “Cycle’s agreement with Deutsche Bank provides us with the capital to swiftly and efficiently deliver drug treatments for many genetic rare disease patient groups that urgently need the quality-of-life improvements that the latest pharmaceutical technologies can offer. Cycle also provides individualised patient support services alongside its drug treatments to ensure that a rare disease patient’s needs are met to the greatest extent possible.”
Dimitrios Weedon of Deutsche Bank commented: “This transaction demonstrates Deutsche Bank’s ongoing commitment to supporting innovative and growing businesses. In particular, it exhibits our ability and appetite to provide bespoke financing solutions in the life sciences and biotechnology space. We are delighted to become a key financing partner for Cycle Pharmaceuticals and look forward to working closely with the company in the future.”
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.
Source: Company Press Release