Choate recently advised Cyteir Therapeutics in its $29 million Series B preferred stock financing.
Cyteir Therapeutics, a leader in the discovery and development of novel therapeutics based on the biology of DNA repair and synthetic lethality for the treatment of cancer and autoimmune diseases, today announced the close of a $29 million Series B preferred stock financing. Venrock led the round and was joined by returning investors including Celgene, along with new investors Lightstone Ventures and DROIA Oncology Ventures. Proceeds from the financing will be used to progress the company’s lead program focused on selective, small-molecule inhibitors of the protein RAD51 for use in oncology, with the goal of entering initial clinical trials in 2019. Proceeds will also be used to accelerate preclinical development of synthetic lethality therapeutics for autoimmune diseases.
Cyteir also announced the appointment of Markus Renschler, M.D., as president and chief executive officer. Dr. Renschler, a medical oncologist and biopharmaceutical industry veteran, most recently served as Celgene’s senior vice president, global head of Hematology and Oncology Medical Affairs. In this role, he set worldwide medical strategy for the launches of blockbuster hematology and oncology drugs, including Revlimid®, Pomalyst®/Imnovid®, and Abraxane®. At Celgene, Dr. Renschler also led the clinical development of Abraxane for worldwide registration in pancreatic cancer and lung cancer.
Cyteir’s team also includes co-founder, Kevin Mills, Ph.D., who serves as the company’s chief scientific officer. Dr. Mills is a globally recognized leader in genomic instability and DNA repair research and translation. He was previously an associate professor at The Jackson Laboratory, where his research led to the groundbreaking discovery of the relationship between activation-induced cytidine deaminase (AID), a DNA-damaging enzyme, and RAD51, which is essential to repair of AID-induced DNA damage.
As part of the financing, Racquel Bracken, vice president at Venrock, Jean George, general partner at Lightstone, and Bart Van Hooland, managing partner at DROIA, joined the Cyteir Board of Directors. Maria Palmisano, M.D., of Celgene joined as a board observer.
Choate advised with a team including, Brian D. Goldstein (Picture), Manuel Melo and Tobin P. Sullivan.
Law Firms: Choate;
Clients: Cyteir Therapeutics Inc.;