Cytochroma gains CDN $45M, licensing deal

Canada's Cytochroma has garnered CDN $45 million in a Series C round led by Mitsubishi Tanabe Pharma Corporation. A group of existing investors including VentureLink Brighter Future Fund, Caisse de Dépôt et Placement du Québec, Novo A/S, Canadian Medical Discoveries Fund, Vengrowth Advanced Life Sciences Fund, T(2)C(2)/Bio 2000 Limited Partnership, GrowthWorks Canadian Fund and BDC Capital joined the round.

The money will be used to advance Cytochroma's portfolio of vitamin D-based therapeutics into mid- and late-stage clinical trials. Cytochroma's product candidates target disorders related to altered vitamin D metabolism in chronic kidney disease patients, and include CTA018 and CTAP201 for the treatment of secondary hyperparathyroidism and CTAP101 for vitamin D insufficiency.

Cytochroma granted MTPC an exclusive license to develop, manufacture and commercialize CTA018 in the United States and Asia and stands to gain up to CDN $105 million, which includes an upfront payment, milestone payments, and an equity investment. MTPC and Cytochroma will jointly develop and commercialize CTA018 in the United States. In Asia, including Japan, MTPC has full rights and responsibilities for product development and commercialization of CTA018 and will pay Cytochroma a royalty on sales.

- check out the Cytochroma release