US-based small molecule drug developer Cedilla Therapeutics completed a $57.6m series B round yesterday that included pharmaceutical firm Eli Lilly.
Casdin Capital and Boxer Capital co-led the round, which also featured asset manager Schroder Adveq, venture capital firm Third Rock Ventures and unnamed institutional investors.
Cedilla is working on small molecule therapeutics to treat diseases caused by protein dysregulation, including cancer. The capital will fund the progression of its product pipeline, including identifying its first two drug candidates and beginning their preclinical development.
Alexandra Glucksmann, president and CEO of Cedilla, said: “Over the past two years, we have honed our integrated approach and we are now prepared to advance target-specific efforts toward the clinic.
“We appreciate the support of our new and existing investors, which will enable us to name our first two development candidates, expand our discovery-stage research and work toward our goal of delivering novel small molecules that can redirect the course of disease and deliver profound benefit to patients.”
Eli Casdin from Casdin Capital and Dominik Naczynski from Boxer Capital will take board seats at the company in connection with the round, which followed $56m in series A funding from founding investor Third Rock in April 2018.
