Varsity spawned as Cycle Pharmaceuticals agrees $25m debt finance
Cycle Pharmaceuticals, a privately-owned, global, patient-dedicated global biotechnology company focused on developing and delivering medicines for rare diseases, 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 very latest pharmaceutical technologies to deliver best-in-class drug treatments to better serve rare genetic disease patients.
CEO Antonio Benedetti said: “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 added: “This transaction clearly 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.”
Separately, new startup Varsity Pharmaceuticals is incorporated as an independent business, receiving financing from the 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 start shortly in collaboration with the Cancer Research UK Cambridge Institute, University of Cambridge.
Cycle Pharmaceuticals was founded in 2012 with the sole aim of delivering best-in-class drug treatments and services to the under-served rare disease patient community.
Headquartered in Cambridge UK the business also has offices in Boston Massachusetts in the US.