Jackson Lab spinout raises $5.5 million in Series A financing
Cyteir Therapeutics Inc., a biopharmaceutical startup spun out from The Jackson Laboratory three years ago, has raised $5.5 million in funding for its research to combat cancer.
The Cambridge, Mass.-based company said Thursday it will use the proceeds from the Series A financing round to “accelerate its current lead program, enhance and diversify its screening platform and build its pipeline by developing additional new drug candidates.”
It raised the financing from a syndicate of private investors and Celgene Corp., a global biopharmaceutical company based in Summit, N.J. Cyteir Therapeutics also obtained an exclusive license to key technologies and patents from The Jackson Laboratory in Bar Harbor.
The company is advancing co-founder Kevin Mills’ discoveries in DNA repair and genome instability to develop cancer therapies and autoimmune disease treatments. Mills is an associate professor at the nonprofit Jackson Laboratory.
Jackson Laboratory President and CEO Edison Liu said Mills' insights are potentially game changing for treating many cancers.
"By targeting what he calls 'genetic co-dependencies' he has shown that it's possible to use the mechanisms involved in genetic instability to cause tumor cell self-destruction, without attacking normal cells," Liu said in a statement.
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