Ann Arbor's Lycera receives $36M in venture capital, to add 6 jobs

Wednesday, December 16, 2009 | Source: Concentrate

This story originally ran 4/22/09

Just when the local venture capital landscape looks its bleakest, a big silver lining appears. Right now that’s the $36 million Ann Arbor-based Lycera recently locked down.

The pharmaceutical company plans to use that cash to continue research and development of small molecule drugs for treating autoimmune diseases such as rheumatoid arthritis and lupus. It won’t take the firm to commercialization of these items, but at least to the next step of FDA approval.

"It takes us to the next steps probably," says Gary D. Glick, founder and chief scientist of Lycera.

Glick is also a chemistry professor at the University of Michigan. His research of the immune system led to the initial drug development and start of Lycera two-and-a-half years ago. Today it employs nine people (including a number of former Pfizer scientists) and is currently looking or six more people. That could mean even more hires in the near future as the company continues its research.

Lycera has received the first $10 million of the venture capital. The rest will come in two installments as the U-M spin-off reaches certain milestones. Ann Arbor-based EDF Ventures, which provided the initial seed money for Lycera, is providing this latest installment of venture capital with InterWest Partners, Clarus Ventures and ARCH Venture Partners.

Lycera works out of the Michigan Life Science Innovation Center, the old Pfizer labs.

Source: Gary D. Glick, founder and chief scientist of Lycera
Writer: Jon Zemke