Cylene closes $44M financing

San Diego, USA-based Cylene Pharmaceuticals, a small-molecule oncology drug discovery and development company, has closed a $44.0 million series C financing, co-led by HBM BioVentures (Cayman) and Lilly Ventures. Cylene elected to have the financing commitment paid in two separate tranches, representing around 60% and 40%, each.

Proceeds will be used to fund human clinical trials for Phase II studies of CX-3543 in several different cancer indications and to advance two more products into development. CX-3543, Cylene's most advanced product for the treatment of multiple cancers, acts as a Ribosomal RNA Biogenesis Inhibitor (RBI) by targeting a Protein:DNA interaction that is amplified in cancer cells during Pol I transcription of the rRNA genes, the firm noted.

"We are very pleased with the level of enthusiasm surrounding our lead compound and our proprietary Ribosomal RNA Biosynthesis Inhibition Technology," said William Rice, chief executive of Cylene. "This funding should enable us to complete multiple Phase II studies of CX-3543 and to expand our product pipeline with internally-discovered product candidates."