12 March 2018 - - US-based cancer and autoimmune disease therapeutics developer Cyteir Therapeutics has closed a USD 29m series B preferred stock financing led by Venrock, and joined by returning investors including Celgene, and new investors Lightstone Ventures and DROIA Oncology Ventures, the company said.
Proceeds from the financing will be used to progress the company's lead program focused on selective, small-molecule inhibitors of the protein RAD51 for use in oncology, with the goal of entering initial clinical trials in 2019.
Proceeds will also be used to accelerate preclinical development of synthetic lethality therapeutics for autoimmune diseases.
Cyteir Therapeutics discovers and develops novel therapeutics based on the biology of DNA repair and synthetic lethality for the treatment of cancer and autoimmune diseases.
The company's initial approach takes advantage of the "gain-of-function" from DNA damage overload to induce selective self-destruction of cells by targeting disease-induced RAD51 transport.