US-based small molecule drug developer Cedilla Therapeutics expanded a series B round backed by pharmaceutical firm Eli Lilly to $82.6m yesterday with another $25m.
The oversubscribed extension included RA Capital Management, Woodline Partners, Janus Henderson Investments, Logos Capital and Third Rock Ventures, and RA Capital partner Jake Simpson will join the company’s board of directors in conjunction with the financing.
Cedilla is developing small molecule therapeutics to target hard-to-reach cancer-facilitating proteins TEAD and CDK2. It will use the funding to advance development of TEAD and CDK2 inhibitors to treat a range of cancers and begin studies for an Investigational New Drug application next year.
Eli Lilly took part in the round’s $57.6m first tranche, in October 2020, which was co-led by Casdin Capital and Boxer Capital while Schroder Adveq, Third Rock Ventures and unnamed institutional investors filled out the round.
Third Rock Ventures had previously provided $56.2m in series A funding when the company publicly launched in 2018.
Cedilla president and CEO Alexandra Glucksmann said: “We are grateful for the support from our new and existing investors, which reflects the promise of our novel approach to conditionally modulating proteins as well as the unique potential of our lead programmes, inhibitors against TEAD and CDK2, two critical but historically undruggable targets.
“With this financing, we plan to accelerate and expand our development efforts by progressing our most advanced programmes toward the clinic while continuing to invest in ongoing discovery efforts against additional high value cancer targets.”
