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Chevy Chase-based New Enterprise Associates has joined in a $10 million financing for Cydan LLC, a Cambridge, Mass.-based orphan drug accelerator.
The additional funding comes months afterthe project’s launch in April, and brings its total financing to $26 million. Lundbeckfond Ventures and Bay City Capital led the most recent financing.
The idea behind Cydan is to find promising orphan drugs (those targeting rare diseases) in academia and industry, de-risk them and eventually build companies around those products. The fresh round of cash “enables greater flexibility to evaluate partnering opportunities with leading academic centers, patient foundations and biopharmaceutical companies to identify the most promising rare disease assets,” according to a news release.
Cydan is chaired by David Mott, a general partner with NEA and former CEO of MedImmune.