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Cycle Pharmaceuticals Secures $25 Million Credit with Deutsche Bank AG

Cycle Pharmaceuticals Secures $25 Million Credit with Deutsche Bank AG
Cycle Pharmaceuticals Secures $25 Million Credit with Deutsche Bank AG

Cycle Pharmaceuticals, a privately-owned biotechnology company that is focused on developing and providing medicines for rare diseases announced that it has implemented a final agreement for a $25 million debt with Deutsche Bank AG. With this strategize financing, Cycle Pharmaceuticals can build on the success of NITYR® (nitisinone) Tablets which treat patients with hereditary tyrosinemia type 1, the rare genetic metabolic disease.  The company’s mission is to use the latest pharmaceutical technologies to offer the best medical treatments to better address patients with rare genetic diseases.

The CEO of Cycle Pharmaceuticals, Antonio Benedetti stated that the agreement with Deutsche Bank supports the company financially to proficiently deliver medical treatments for numerous genetic rare disease patients that need quality-of-life improvements urgently that the modern pharmaceutical technologies can offer. Along with its drug treatments, Cycle also delivers individualized patient support services to meet the needs of patients with a rare disease.

Deutsche Bank VP, Dimitrios Weedon stated that this agreement validates the bank’s current commitment to supporting advanced and growing businesses. He stated that it displays the bank's ability to deliver bespoke financing solutions in biotechnology and life sciences space.

Separately, Varsity Pharmaceuticals is united as an independent organization, receiving financing from the transaction between Cycle Pharmaceuticals and Deutsche Bank AG. Varsity aims to develop and provide oncology drug treatments that are focused on solving developing resistance to PARP inhibitors and other drug classes. The company uses synthetic lethality methods and builds on intellectual property developed at the University of Cambridge’s Chemistry Department and licensed by Cambridge Enterprise.

Founded in 2012, Cycle Pharmaceuticals aims to deliver the best drug treatments and services to patients with rare diseases. The company focuses on neurological conditions and rare genetic metabolic disorders. With its headquarters in Cambridge, UK, Cycle Pharmaceuticals has offices in Boston, Mass. (USA).

 

Source:https://via.tt.se/pressmeddelande/cycle-pharmaceuticals-secures-25-million-debt-financing?publisherId=259167&releaseId=3282088#:~:text=Cycle%20Pharmaceuticals%2C%20a%20privately-owned,facility%20with%20Deutsche%20Bank%20AG.

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