Encycle Therapeutics has raised $2.5 million.
The startup, a University of Toronto spin-off company created in partnership with MaRS Innovation, raised the capital from Takeda Pharmaceutical Company through its venture capital arm, Takeda Ventures, as well as from Accel-Rx Health Sciences Accelerator, BDC Capital and MaRS Investment Accelerator Fund.
The Canadian company says the funding will support ongoing development of its nacellin platform chemistry and advance its pipeline of novel therapeutics.
“Our proprietary chemistry has the potential to unlock myriad therapeutic avenues, including via intracellular protein-protein interactions that cannot be targeted with conventional therapeutics,” said Dr. Jeffrey Coull, president and CEO of Encycle Therapeutics.
“Our goal is to make an impact on patients’ lives by turning science and technology into life-changing medicines. We are enthusiastic about Encycle’s technology and its potential in the context of ‘undruggable’ proteins,” said Dr. Ilan Zipkin, senior investment director at Takeda.
“Encycle’s growing momentum reflects MaRS Innovation’s efforts to shift the Canadian paradigm for technology transfer,” said Dr. Raphael Hofstein, chairman of the Encycle Therapeutics Board of Directors and president and CEO of MaRS Innovation. “With crucial support from many players along the Ontario-Quebec life sciences corridor, MaRS Innovation collaborated with him to package and protect the technology, launch the company and hire experienced management.”
Accel-Rx is a new Canadian-focused health sciences accelerator supporting the creation and development of early-stage health sciences companies. The Investment Accelerator Fund invests in qualified emerging companies in Ontario using an equity-type instrument.