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Cylene Raises $12M for Early Stage Trial Oral Drug for Multiple Myeloma

San Diego’s Cylene Pharmaceuticals says it has raised an additional $12 million from its existing venture investors to help fund its early stage trial of an oral drug for multiple myeloma.

The company says investors include Sanderling Ventures, HBM BioVentures (Cayman), Novartis BioVenture Fund, BioVentures Investors, Lilly Ventures, Mitsui & Co., and Morningside Venture Investments. VentureWire reports the funding is an extension of a $44 million Series C round that Cylene raised in 2007 to move another anti-cancer drug through Phase II trials.

In the process, Cylene identified CX-4945, a compound that inhibits CK2, an enzyme involved in multiple myeloma and other cancers. The company, which has raised $77 million since 2001, says the multi-center Phase I study with CX-4945 will be conducted in patients with relapsed or refractory multiple myeloma.