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 cloud-based 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.”
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Cyclica Inc. has developed, validated, patented and commercialized Ligand Express™, a cloud-based platform that screens small-molecule drugs against repositories of structurally-characterized proteins or ‘proteomes’ to determine polypharmacological profiles. Accordingly, Ligand Express™ identifies significant protein targets using an innovative structure-based and drug-centric technology, leverages artificial intelligence to determine the drug’s effect on these targets, and visualizes the predicted drug-protein interactome using bioinformatics and systems biology. The platform provides a unique panoramic view of a small-molecule, by identifying on- and off-target interactions that may be expected, as well as those that are unanticipated. By understanding how a small-molecule drug will interact with all proteins in the body, Ligand Express™ augments scientific investigation by elucidating mechanism-of-action, prioritizing lead candidates, understanding side effects, as well as determining new uses for existing drugs. For more information please visit: 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