Lycia Therapeutics Raises $75 Million in Series D Funding
Lycia Therapeutics, a biotechnology company based in South San Francisco, California, has successfully raised $75 million in a Series D funding round. The company specializes in the discovery and development of therapeutics designed to degrade extracellular proteins that cause diseases, particularly focusing on autoimmune, inflammatory, and allergic conditions.
Investors and Leadership Changes
This latest funding round was co-led by Janus Henderson Investors and Balyasny Asset Management. The round also saw participation from new investors Adage Capital Management, HBM Healthcare Investments, and OrbiMed. Existing investors such as Eli Lilly and Company, Franklin Templeton, Invus, RTW Investments, and Venrock Healthcare Capital Partners continued their support.
In conjunction with the funding announcement, Lycia Therapeutics has made significant changes to its leadership team. Amy Bachrodt has been appointed as the Chief Financial Officer, while Karen Flick has been promoted to the role of General Counsel.
Use of Funds
The proceeds from this funding round will be directed towards advancing Lycia's clinical programs, including LCA-0061 and LCA-0321. LCA-0061 is a cataLYTAC™ degrader aimed at depleting immunoglobulin E (IgE) to treat food allergies and other allergic diseases. Meanwhile, LCA-0321 is designed to selectively target thyroid-stimulating hormone receptor autoantibodies (TRAbs) for the treatment of Graves’ disease. Additionally, the funds will support the development of Lycia's broader pipeline of cataLYTAC degraders.
Strategic Goals
Aetna Wun Trombley, Ph.D., President and CEO of Lycia Therapeutics, emphasized the company's strategic goals following this investment. "With this financing and strengthened leadership team now in place, we believe we are well-positioned to execute on our clinical programs while advancing the next generation of cataLYTAC degraders," Trombley stated. The company aims to demonstrate Phase 1 clinical proof-of-concept in patients in the near term.
Lycia Therapeutics continues to focus on redefining treatment options for patients suffering from chronic autoimmune, inflammatory, and allergic diseases through its innovative therapeutic solutions.