VC-backed Cydan scores $10 mln

Cydan said Tuesday that it has closed $10 million in financing. New investors Lundbeckfond Ventures and Bay City Capital led the round with participation from return backers NEA and Alexandria Venture Investments. Also, Mette Kirstine Agger, managing partner at Lundbeckfond Ventures and Dr. Carl Goldfischer, investment partner and managing director at Bay City Capital, join Cydan’s board of directors. Based in Cambridge, Mass., Cydan, which is also backed by Pfizer Venture Investments and Alexandria Venture Investments, is an orphan drug accelerator that aims to identify and “de-risk” programs with therapeutic and commercial potential.

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