Cyteir Therapeutics, an early stage oncology biotech developing small molecule therapies that inhibit DNA damage repair, raised $133 million by offering 7.4 million shares at $18, the high end of the range of $16 to $18.
Cyteir Therapeutics' lead candidate, CYT-0851, is a novel, oral small molecule inhibitor of homologous recombination, a DNA repair pathway critical for the survival of some cancers. CYT-0851 is currently in a Phase 1/2 trial in adult patients with hematologic malignancies and solid tumors. The company states that it has observed encouraging preliminary single agent activity and may initiate a registrational trial of the candidate in 2022, if warranted by the Phase 1/2 data and subject to FDA agreement. Cyteir Therapeutics also plans to initiate dosing in a Phase 1/2 trial of CYT-0851 in combination with various standard-of-care therapies in the 2H21.
Cyteir Therapeutics plans to list on the Nasdaq under the symbol CYT. J.P. Morgan, Morgan Stanley, and BofA Securities acted as joint bookrunners on the deal.
