By: Dana Bibi
Wouldn’t it be great to eliminate costly trial and error experiments by having access to accurate trends and predictions? In the world of medicine, expensive pharmaceutical clinical trials impede the development of better and safer drugs. By compiling biological and chemical databases, Cyclica aims to streamline the research and development of medicines by commercializing the “Ligand Express”TM.
With the goal of enabling global access to better and safer medicines, Cyclica developed the Ligand ExpressTM. This big data tool reduces risk during expensive pharmaceutical clinical trials by streamlining the research and development process. The software accesses biological and chemical databases that help researchers anticipate and predict a drug candidate’s side effects in the early stages of drug development. This is done as the Ligand ExpressTM reveals more accurate predictions of clinical outcomes prior to preclinical testing. Cyclica intends to optimize pharmaceutical research and development using integrated big data software, which will ultimately reduce failure risk in drug development and facilitate investment decision-making.
Cyclica has been recognized internationally for their work, as they have won the 2013 MBA World Trophy in Dublin, Ireland. They are also one of eight companies accepted and showcased at the StartUp Health accelerator “Health Datapalooza” in Washington Dc. Cyclica enjoys strategic partnerships with IBM Research, the Yale Center for Molecular Discovery, and Sathguru, a leading Indian consulting firm. Cyclica has raised $2.3 million in seed financing, filed for 5 patents, and acquired royalty rights for two drug candidates. Locally, the RIC Centre provided Cyclica with strategic advice on operations, human resources and early growth plans. The RIC Centre serves the Peel Region by providing free mentoring, networking, funding, and entrepreneurial training such as preparation for investor pitches. Through the RIC, Mitakidis, Cyclica’s CEO and founder, was introduced to partners and clients that resulted in deals.
By opening a US-based office, Cyclica plans to expand by growing their core team from 10 to 18 people and by increasing the number of directors to five. Cyclica aims to exceed $1-1.5 million in booked revenues, and so setting the stage for $5-8 million series A financing in early 2015. Cyclica is currently working to establish two additional strategic partnerships for data integration and another sales channel. This is all done to begin licensing, repurposing, and acquiring royalty right for the drug candidates.
To learn more about Cyclica Inc., visit http://cyclicarx.com/. If you are an entrepreneur like Mitakidis and are interested in RIC Centre’s start-up help services, please contact Mariya Leslie or visit www.riccentre.com.
About the Author
Dana Bibi is currently enrolled in the University of Toronto’s Digital Enterprise Management and Professional Writing Programs. Her interest is primarily captivated by how information technologies influence and are influenced by globalization, and this relationship’s effect on the economy, social identity, culture, and politics.