RTW Biotech Opportunities has invested a further $1.4 million in Lycia Therapeutics, participating in a $75 million Series D round aimed at progressing clinical studies in food allergy and Graves' disease.
The investment marks RTW Bio's third participation in Lycia, having first backed the company at Series B in September 2021 and again at Series C in April 2024.
Lycia's two lead assets both deploy its proprietary LYTAC platform, which is designed to degrade disease-causing proteins circulating outside the cell, a class of targets largely inaccessible to conventional drugs.
LCA-0061 targets IgE, the antibody responsible for triggering allergic reactions in food allergy patients, while LCA-0321 aims to clear the specific autoantibodies that cause Graves' disease, an autoimmune thyroid condition.
At 31 May, Lycia represented 0.6% of RTW Bio's net asset value.
Rod Wong, CIO of RTW Investments, said the platform addresses biology "most drugs can't touch" and that the Series D "reflects growing conviction in the science and the team."
The Series D proceeds will fund advancement of both programmes toward clinical proof of concept.
