$25M Debt Facility from Deutsche Bank Accelerates Rare Disease Drug Pipeline – Building on Existing Profitable Rare Disease Drug Business
Varsity Pharmaceuticals incorporated as an Independent Synthetic Lethality Oncology Research Business – Building on Intellectual Property developed by the University of Cambridge
Cambridge, UK, September 7th, 2020 – 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.
About Cycle Pharmaceuticals
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. We focus on rare genetic metabolic disorders and neurological conditions. Cycle is headquartered in Cambridge, UK and has offices in Boston, Mass. (USA). For more information, please visit www.cyclepharma.com and follow us on Twitter, LinkedIn, Facebook and Instagram.
About Cambridge Enterprise
Part of the University of Cambridge, Cambridge Enterprise supports academics, researchers, staff and students in achieving knowledge transfer and research impact. We do this by helping innovators, experts and entrepreneurs use commercial avenues to develop their ideas and expertise for the benefit of society, the economy, themselves and the University.
Liaising with organisations both locally and globally, we offer expert advice and support in commercialisation and social enterprise, including help with academic consultancy services, the protection, development and licensing of ideas, new company and social enterprise creation, and seed funding. For more information, please visit: www.enterprise.cam.ac.uk and follow us on Twitter and LinkedIn.
About The Cancer Research UK Cambridge Institute
The Cancer Research UK Cambridge Institute combines basic and clinical research with innovative technologies to address key questions in the diagnosis and treatment of cancer. As one of the largest cancer research facilities in Europe, we provide an unrivalled biomedical research environment, bringing together the world-class science of the University of Cambridge with clinical and industrial partners at the Cambridge Biomedical Campus. Our research focuses on tumour ecology and evolution, ranging from basic experimental and computational biology through translational cancer research to clinical application. For more information, please visit: www.cruk.cam.ac.uk and follow us on Twitter, LinkedIn, YouTube and Facebook