Toronto-based Cyclica, which has developed a predictive analytics platform that can model and predict the effectiveness, side effects, and safety of pharmaceutical drugs, has just raised $2.25 million in its Series A follow-on funding. The company has raised a total of $4.65 million to date.
Cyclica’s funding was led by GreenSky Accelerator Fund II, with participation from Epic Capital, Uni-Innovate Group, HH&E Ventures, and other new and existing private investors. Cyclica raised its $2.4 million Series A in September 2016.
Through Cyclica’s drug-centric and structure based platform, Ligand Express, pharmaceutical companies can navigate the drug discovery pipeline by assessing and gaining insights into the safety and efficacy of drugs. By gaining insights into various drugs’ effects, Cyclica’s users can identify unknown targets, prioritize lead candidates, explain a drug’s adverse effects, and understand repurposing opportunities.
“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,” said Michael T.R. List, principal at GreenSky Capital and a member of Cyclica’s board of directors. “GreenSky has been a partner of Cyclica’s for over three years and we are thrilled with the commercial validation that Cyclica is now seeing in the market.”
Cyclica plans to use the funding to continue with its global sales expansion over the next 12 months, and continue to invest in research and development efforts.
“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.”
“In June 2017, we soft-launched our Software-as-a-Service platform at www.ligandexpress.com following requests from our clients and the market,” said Naheed Kurji, president and CEO of Cyclica. “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.”
In addition to announcing its follow-on funding, on Monday, Cyclica announced that it is has appointed Dr. Andy Hope as its vice-president of sales and business development.
According to Cyclica, Hope has served in various sales and business development roles in pharmaceutical and biotech companies in the life sciences industry, including Biovia, Aspen Technologies, and IBM Healthcare and Life Sciences.
“Andy has a rich background in the industry, and will add demonstrable value to our strategic thinking, and global commercial endeavors,” said Kurji. “We are fortunate and thrilled to have his level of expertise at the management level leading our sales and business development efforts. I’m looking forward to working with Andy and the entire BD team to introduce Cyclica’s platform on the global stage.”
Cyclica was among the 10 companies that participated in the CAMP Accelerator program’s second cohort in Beijing, China in October 2016.