PLYMOUTH, Michigan — The autoimmune drug-maker Lycera raised $36 million that will fund testing on two of its drugs, the company announced Thursday.
One drug will go through Phase II proof-of-concept studies while another will move into Phase I clinical trials, according to the release.
Lycera develops pills to treat autoimmune diseases like inflammatory bowel disease, lupus and rheumatoid arthritis. The company is pre-revenue and created three new seats on a now six-member board of directors to secure the money. InterWest Partners, ARCH Venture Partners and Clarus Ventures were joined by previous investor EDF Ventures in this round.
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Dr. Jeffrey Leiden, Clarus’ managing director; ARCH partner Kristina Burow; and Nina Kjellson, a general partner with InterWest joined Lycera’s board. Members of ARCH and EDF will serve as board advisers.
The company also said it has added a program to focus on Th17 cells, a subset of immune cells that can cause rheumatoid arthritis, multiple sclerosis, Crohn’s disease, psoriasis, but are also a new pathway that can be used to treat those diseases. Dr. Dan Littman, a New York University professor who performs leading research on the Th17 pathway, will lead Lycera’s scientific advisory board.
The company has been a bit of a startup darling in Michigan’s life science community. In 2006 intimated it would leave the state if it didn’t get funding. It then received subsidies the following year: a five-year state tax credit for $499,000 to stay in the Ann Arbor area and create 34 jobs; a five-year, $440,00 subsidized lease at the Ann Arbor SPARK incubator, as well as $150,000 worth of used lab equipment.
Lycera raised up to $3.6 million in the last three years, according to SEC filings. It will first receive $10 million of this latest and get the rest by meeting additional milestones, the company stated.
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