Tyra Biosciences Raises $50 Million to Focus on Cancer Drug Resistance
Tyra Biosciences, based in Carlsbad, California, closed on a Series A financing worth $50 million. The round was co-led by Alta Partners, RA Capital Management, Boxer Capital of Tavistock Group, and Canaan. The company indicates they will use the funds to advance next-generation compounds targeting acquired resistance to current cancer therapies.
Cancer cells can be very adaptable, developing resistance to cancer drugs. Tyra is focused on exploring new pathways to circumvent the resistance.
In particular, the company is leveraging insights from structure-based drug design (SBDD), kinase biology, computational chemistry and “smart clinical development” to find and develop small molecule drugs that work against both wild type (normal) and mutant drug targets.
“The need for patients and the demand from the market for therapies that address acquired resistance has never been stronger,” said Isan Chen, board member of Tyra. “Not only can these medicines be used as the immediate response when resistance emerges, but they can also move to front-line treatments with the promise of better efficacy and much longer duration of response than first-generation agents.”
The company was co-founded by Todd Harris, who acts as chief executive officer, and Daniel Benson, chief operating officer. The company was incubated by Alta Partners.
The executive team includes Ronald V. Swanson, chief scientific officer; Robert L. Hudkins, vice president, Chemistry; Jane Arboleda, associate director of Cell Biology; Esther van den Boom, chief financial officer; Jeffrey Hager, scientific advisor; William Hahn, scientific advisor; and Jason Sheltzer, scientific advisor.
The company indicates it believes the funding will provide enough runway to take its first compound into proof-of-concept studies and into the clinic.
“Our approach to drug discovery and development is highly focused and disciplined,” said Bensen. “Leveraging key insights into the molecular basis of acquired resistance, we generate validating translational toolkits and rapidly iterate with BSDD to advance next-generation compounds.”
Structure-based drug design (SBDD) leans heavily on using various technologies, such as X-ray crystallography and NMR, along with computational chemistry, to gain an understanding of molecules and drug targets’ physical structure. SBDD then allows the investigator to create new ligands to fit into the binding pocket of the target.
“As a nimble company with a singular focus on acquired resistance in oncology, Tyra Biosciences is well positioned to deliver solutions for patients,” said Gilla Kaplan, board member of Tyra and a researcher known for re-inventing thalidomide as an immune modulator developed by Celgene. “The company has the benefit of a world-class team of drug developments and advisors to help them efficiently and effectively advance new therapies into the clinic.”
In addition to Kaplan and Chen, the board consists of Bob More, chairman and managing director, Alta Partners; Jake Simson, principal, RA Capital Management; Sid Subramony, vice president, Boxer Capital of Tavistock Group; and Nina Kjellson, general partner, Canaan.
“We are thrilled to have the backing of a strong syndicate, which includes early-stage and crossover firms representing tremendous experience and expertise in the industry,” Harris said. “We are eager to deliver solutions for patients who desperately need additional treatment options. The financing round provides sufficient funding to reach a clinical inflection point, maximizing options for the company.”