Bicycle Therapeutics secures equity financing of £3.75m

Bicycle Therapeutics has secured a tranched equity financing of £3.75m to invest in a selection of drug candidates using its bicyclic peptide technology platform.

Current investors — Atlas Venture, Novartis Venture Fund, SR One and SV Life Sciences — have been joined by new investor Astellas Venture Management, the venture capital arm of Astellas Pharma.

Bicycle Therapeutics has developed a proprietary bicyclic peptide technology that enables the discovery of a new class of drug candidates with antibody-like selectivity and specificity that can be manufactured with economics similar to that of new chemical entities.

The company is applying the technology to drug-discovery projects in oncology and metabolic and inflammatory diseases, and will also make the platform accessible for collaborative discovery with pharmaceutical partners.