Lexington biotech Cyteir Therapeutics, a startup whose method of fighting cancer involves an approach called "synthetic lethality" that blocks cancer cells' ability to repair themselves, has brought in $80 million in Series C financing.
The funding round, which was led by RA Capital Management, will be used to propel Cyteir's lead drug into Phase 2 clinical trials. Other participants include Janus Henderson Investors, Acuta Capital Partners, Ally Bridge Group, Avidity Partners, Ample Plus Fund, CaaS Capital Management, Novo Holdings, Venrock, Lightstone Ventures, DROIA Ventures, Osage University Partners and another, undisclosed fund.
Cyteir's lead drug works by preventing cancer cells from repairing their DNA once it's damaged. Block the repair process, and you ultimately kill the cells, says CEO Markus Renschler.
"This whole area of DNA damage response is now well established," he said. "Cancer cells have genomic instability. They have all these DNA breaks that need to be repaired, much more than normal cells, and if you inhibit that repair, you can have much more of an effect on cancer."
In preclinical and early clinical trials, Cyteir's drug showed potential to target cancers including non-Hodgkin lymphoma and solid tumors. As the company presses forward into Phase 2 trials, which Renschler expects will begin in the second half of 2021, it will focus on hematologic cancers and solid tumors. Cyteir also plans to begin trials combining its lead drug with other cancer treatments, as well as expand preclinical research on other cancer targets.
Cyteir currently employs about 25 people and plans to double its headcount by the end of the year, hiring across the clinical, regulatory, quality and discovery research teams.
"We're differentiated from other companies in the space [in that] we're really the most advanced in the clinical development of our compounds," Renschler said. "It's a unique approach to modality."
