Cyclica Inc has secured $2.25 million in a Series A2 financing, an extension of the $2.4 million Series A1 financing closed last year. The latest round was led by Canadian finance advisory firm GreenSky Capital via GreenSky Accelerator Fund II. It was joined by other new and existing investors, including Epic Capital, Uni-Innovate Group and HH&E Ventures. Founded in 2013, Toronto-based Cyclica provides a software platform that helps pharmaceutical companies assess the safety and efficacy of drugs. Led by President and CEO Naheed Kurji, the startup will use the funds raised to continue commercializing its platform globally and invest in R&D.
Photo: Naheed Kurji, president and CEO of Cyclica Inc.
Cyclica Announces the Close of its Series A2 Financing Round
Toronto, ON, Canada (July 26, 2017) – Cyclica is pleased to announce that it has completed a $2.25M Series A2 financing, an extension of the $2.4M Series A1 financing round that closed in September 2016. The syndicated investment group was led by GreenSky Accelerator Fund II, with co-investment by Epic Capital, Uni-Innovate Group, HH&E Ventures, and new and existing private investors. The funds will enable the company to continue with global sales expansion, continue to invest in R&D efforts, and drive innovation.
Michael T.R. List, Principal at GreenSky Capital and member of the Cyclica Board of Directors, said: “We continue to believe in Cyclica’s ability to deliver on their strategy, execute on opportunities that are in front of them, and are confident in Cyclica’s success. GreenSky has been a partner of Cyclica’s for over 3 years and we are thrilled with the commercial validation that Cyclica is now seeing in the market.”
Naheed Kurji, President and CEO added that: “In June 2017, we soft- launched our Software-as-a-Service platform at www.ligandexpress.com following requests from our clients and the market. This financing will help us continue, over the next 12 months, to focus on commercializing the platform globally. Critical to our success in achieving our vision of being an integral utility platform in the pharma R&D value chain is a talented and dedicated team, including a renowned group of advisors and board members, and shareholders who we view as partners on our journey to success.”
Cyclica Inc. has developed, validated, and patented a structure-based proteome-wide screening platform, Ligand Express™, that currently features PROBEx (proteome-screening), SWITCHx (ligand effect prediction) and DIVEx (systems biology & drug-protein interactomes). Ligand Express™ is unique in that it is a drug-centric platform. For a small molecule ligand, Ligand Express™ automatically generates an intelligent list of ligand-protein interactions by searching through a large proprietary database of all available structurally characterized proteins. The platform provides a panoramic view of a small molecule ligand to better understand on- and off-target interactions, and is valuable in finding novel desirable or undesirable targets. By gaining insights into a ligand’s polypharmacology, Cyclica’s clients can identify unknown targets, prioritize lead candidates, elucidate adverse effects, and understand repurposing opportunities. www.cyclicarx.com
GreenSky Capital Inc. is an award winning Toronto-based firm that provides merchant bank and corporate financial advisory services to small and medium sized technology firms. GreenSky looks for long-term partnerships with high growth potential companies and dedicated entrepreneurs. GreenSky principals bring a unique combination of experience in technology, law and finance into a real-world context. GreenSky Capital makes investments in early-stage Canadian technology companies through its affiliated venture capital funds, GreenSky Accelerator Fund I, LP and GreenSky Accelerator Fund II, LP. www.greenskycapital.com
Photo courtesy of MaRS Discovery District