The company has received $10 million as a first tranche of the financing and will receive the remainder of the proceeds in two tranches as specific milestones are met. InterWest Partners, ARCH Venture Partners and Clarus Ventures co-led the financing. EDF Ventures, which led a seed financing in November 2006, is also participating.
In conjunction with the closing, Jeffrey Leiden, a managing director with Clarus; Kristina Burow, a partner with ARCH; and Nina Kjellson, a general partner with InterWest, have joined Lycera’s board of directors. These additions have increased board membership to six. Steven Gillis, a managing director with ARCH, and Mary Campbell, a managing director at EDF Ventures, will serve as board observers.
Lycera also announced that it has expanded its development initiatives for small-molecule immunomodulators through the addition of a program targeting the Th17 pathway discovered by Dan Littman.
Dr Littman, the Helen L and Martin Kimmel professor of molecular immunology and professor of pathology and microbiology at the Skirball Institute of Biomolecular Medicine of New York University School of Medicine, an investigator of the Howard Hughes Medical Institute, and a member of the National Academy of Sciences, will serve as chairman of the company’s scientific advisory board.
Gary Glick, chief scientific officer of Lycera, said: “This financing round is an important validation of the Lycera technology platforms. The company is fortunate to be working with a distinguished, talented and experienced group of investors. Their expertise in the discovery and development of drugs to combat immune diseases and their track record at building world-class companies will be invaluable to Lycera. I am also delighted to have the opportunity to work closely with Dan Littman.”