By Noor Abdel-Raziq, RIC Centre Communications Intern
“40% of what I’ve done was a mistake. I now call it R&D.” Although this quote by Jamie Oliver was not referencing the pharmaceutical industry in which billions of dollars are invested, it remains relevant. As billions of dollars are invested in pharmaceutical R&D and millions wasted during clinical drug discovery, a system devised to decrease risks and speed the drug discovery process is much needed. This is where Cyclica comes in to improve the process.
About Cyclica Inc.
Cyclica is a biotechnology company that uses its advanced two-pass system, Ligand ExpressTM, to turn big data— on drug candidates— into actionable information. Ligand ExpressTM, can define drug interactions (side effects, efficacy, and toxicity), prior to clinical drug experimentation. This allows Cyclica’s clients to reduce the risks of R&D investment lose, waste time, and market failures; to increase approval rates, pre-clinical drug discovery, and drug repurposing.
Other market solutions are less accurate than Cyclica’s technology, as they’re insubstantial in their available data, inability to account for the dynamic nature of proteins, and machine learning algorithms. Jason Mitakidis, Founder and CTO of Cyclica, says Cyclica’s “computational (in silico) approach streamlines the drug discovery process as less in vitro and in vivo testing is required, fewer assays, etc. saving our customers time and money. It also reduces the risk of moving down the path with a particular drug only to have it fail to pass a regulatory checkpoint after $10s or $100s of millions have already been spent.”
Alongside its previously mentioned success, Cyclica is currently establishing a new office on the east coast in the US in the Boston/Cambridge area. Cyclica is also forecasting a “$1.2 million in revenues by the end of 2015,” says Mitakidis. In addition, Cyclica has recently closed an investment with GreenSky Accelerator Fund I, LP—a venture capital fund investing in Canadian IT and CleanTech prospects.
RICC’s Role in Cyclica’s Growth
When asked how RICC has helped Cyclica, Mitakidis had this to say:
“The RIC Centre has provided access to valuable networking events. Our EIR has provided useful feedback and made some important introductions, including to investors who we are currently in discussions with to pull into the current financing round.”
In this large pharmaceutical R&D industry, the future holds great opportunities and growth potential for our RIC client, Cyclica. We wish them the best in their journey and can’t wait to see what the future has in store for them.
If you enjoyed the success story of Cyclica, have a great idea of your own, and wonder how you can start your own business then visit us at www.riccentre.com and stay on the lookout for our upcoming events.