Cambridge MedTech Bicycle Therapeutics has raised $555m in equity financing via a private placement.
The Nasdaq-listed firm is developing a novel class of medicines, referred to as Bicycles, for diseases that are underserved by existing therapeutics.
The financing includes participation from new and existing investors, and strengthens its balance sheet with a pro forma cash position of approximately $1 billion – extending its expected financial runway into the second half of 2027.
The financing was led by a US-based healthcare-focused investor with participation from Deep Track Capital, EcoR1 Capital, Fairmount, Forbion, Perceptive Advisors and RA Capital Management.
“We are excited to announce today’s financing as it underscores the increasing conviction that our investors have in the Bicycle platform and team to create novel precision-guided therapeutics, which we believe have the potential to offer patients a significantly improved quality of life over other treatments,” said Kevin Lee, CEO.
“This financing will support our progress across multiple high-value programs and earlier discovery pipeline, both of which have multiple catalysts in the second half of 2024, as we develop innovative medicines that could help patients with cancer and other diseases live longer and live well.”