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Cyclica Raises C$2.4M in Series A Financing

NEW YORK (GenomeWeb) – Canadian informatics firm Cyclica has completed a C$2.4 million (approximately $1.8 million) Series A financing round led by Toronto-based finance advisory firm GreenSky Capital with additional investments from existing and new investors including the China Canada Angel Alliance and the Anthony Griffiths family.

The funding will help Cyclica scale up its sales and marketing efforts as well as support continued product development, the company said.

"After developing, testing, and validating our core technology, we have now entered the market with a platform that is uniquely fit to scale in the pharmaceutical, nutraceutical, and cosmeceutical industries," Cyclica President and CEO Naheed Kurji said in a statement. These funds "will allow us to take an even more active approach to communicating the value of, and commercializing, our technology."

Cyclica offers analysis services to pharma based on its proprietary software Ligand Express which offers tools for analyzing and evaluating drug-protein interactions. Earlier this year, the company unveiled plans to begin beta testing a software-as-a-service implementation of Ligand Express with some of its existing clients in the fourth quarter of this year. This is ahead of a full launch of the SaaS scheduled for 2017.