Cydan, a US-based orphan drug accelerator, has expanded its initial round of financing by $10m, led by new investors Lundbeckfond Ventures, an evergreen life science venture fund owned by the Denmark-based healthcare holding company Lundbeck Foundation, and life sciences venture capital investor Bay City Capital; they were joined by Cydan’s previous investors, venture capital firm New Enterprise Associates (NEA) and life sciences real estate investor Alexandria Venture Investments.
The expansion brings Cydan’s total financing raised to $26 million. Cydan launched in April 2013 with $16m financing from venture capital firm NEA, Pfizer Venture Investments, the corporate venturing unit of US-listed drugs company Pfizer, and Alexandria Venture Investments.
In conjunction with this investment, Lundbeckfond Ventures managing partner Mette Kirstine Agger, and Bay City Capital investment artner and managing director Carl Goldfischer, are joining Cydan’s board of directors.
Proceeds from this expanded round will be used to support the launch of new companies focused on rare diseases.
Cristina Csimma, chief executive officer of Cydan, said: “The expanded financing reflects the high level of interest from the investment community in our model and offers additional flexibility in the types of opportunities we can pursue. Cydan will also have further reach into national and international networks to increase access to academic and research communities and hubs in both Europe and the West Coast.”