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Lilly Ventures, the venture capital arm of Indianapolis-based Eli Lilly and Co. has co-led a $44 million round of financing for Cylene Pharmaceuticals Inc., the San Diego drug discovery company said today.
HBM BioVentures Ltd. of Switzerland lead the round. It is Lilly’s first investment in Cylene; it’s share of the financing was not disclosed.
Cylene plans to use the money to conduct a 500-patient Phase II human clinical trial of a treatment for drug-resistant cancer and develop two more products.
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