Incyclix Bio Secures Series B Funding
Incyclix Bio, based in Research Triangle Park, North Carolina, has successfully raised $5 million in its Series B funding round. The financing was led by Hatteras Venture Partners, with participation from Boxer Capital, RA Capital Management, Eshelman Ventures, Eli Lilly and Company, Pharmacosmos, and Cape Fear BioCapital.
The company specializes in developing oncology therapeutics, particularly focusing on cell cycle control. Incyclix Bio is advancing its lead compound, INX-315, a CDK2 inhibitor designed for treating advanced and resistant cancers.
Leadership and Strategic Growth
The company's leadership includes Patrick Roberts, who serves as the Chief Executive Officer and Co-Founder, and John E. Bisi, the Co-Founder and Senior Vice President. Roberts commented on the recent investment, stating, "We are encouraged by Hatteras’s strong enthusiasm for our CDK2 program and their support in advancing INX-315 toward meaningful clinical outcomes."
New Board Members
As part of the funding agreement, Hatteras Venture Partners is expanding its involvement with Incyclix Bio. Kseniya Simpson, Ph.D., a partner at Hatteras, will join the company's board of directors, while Christy Shaffer, Ph.D., a general partner at Hatteras, will participate as a board observer.
Use of Funds
The newly acquired funds will be allocated to advance the clinical development of INX-315. This includes supporting the Phase 1/2 clinical trial focused on patients with recurrent advanced or metastatic cancers, such as CDK4/6 inhibitor-resistant ER+/HER2- breast cancer and CCNE1-amplified solid tumors.
Future Prospects
With this substantial financial backing, Incyclix Bio aims to make significant strides in its clinical trials, potentially offering new hope for patients with challenging cancer diagnoses. The involvement of prominent investors like Hatteras Venture Partners underscores the potential impact of Incyclix Bio's innovative approach to cancer treatment.