Bicycle Therapeutics coasts towards upcoming catalysts with $555M funding boost

23 May 2024
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Deals
firstwordpharma.com
Phase 2Immunotherapy
Bicycle Therapeutics announced a $555-million private placement equity financing to propel development of precision-guided therapeutics based on its bicyclic peptide (Bicycle) technology. Company shares were up about 18% on the news Thursday.
Proceeds will strengthen Bicycle's balance sheet, with a cash position of approximately $1 billion, and extend the company's financial runway into the second half of 2027. "This financing will support our progress across multiple high-value programmes and earlier discovery pipeline, both of which have multiple catalysts in the second half of 2024," commented CEO Kevin Lee.
Under the terms, Bicycle entered into a securities purchase agreement with certain existing and new investors to sell 25.9 million shares at $21.42 each. The financing was led by an unnamed US-based healthcare focused investor with participation from Deep Track Capital, EcoR1 Capital, Fairmount, Forbion, Perceptive Advisors and RA Capital Management.
The biotech's lead asset is BT8009, a Bicycle toxin conjugate (BTC) targeting Nectin-4 currently being investigated in two trials, including the Phase II/III Duravelo-2 study in metastatic urothelial cancer. Duravelo-2, which started earlier this year, is expected to enroll 956 patients and test BT8009 as monotherapy and together with Merck & Co.'s Keytruda (pembrolizumab), with readouts anticipated in 2030.
In addition, Bicycle’s pipeline includes BT5528, a BTC targeting EphA2, currently in a Phase II trial expected to completed by the end of this year, as well as BT7480, a Nectin-4/CD137 Bicycle tumour-targeted immune cell agonist in Phase I/II testing, with a readout due towards the end of 2025.
The company signed deals with Bayer and Novartis last year, each worth up to $1.7 billion, focused on radioconjugates. In 2020, it partnered with Roche's Genentech unit, also for up to $1.7 billion, to develop Bicycle-based immuno-oncology therapies.
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