Pe­ter Hecht has a new syn­di­cate, $81M in back­ing and a fresh shot at glo­ry as his last start-up sput­ters out

Pe­ter Hecht doesn’t give up eas­i­ly.

Faced with an ac­tivist at­tack, he cre­at­ed Cy­cle­ri­on out of the ex­per­i­men­tal as­sets he liked while bid­ding farewell to Iron­wood, the biotech he had co-found­ed and led to com­mer­cial­iza­tion.

Now, with the cash sput­ter­ing out af­ter Cy­cle­ri­on was all but aban­doned by Wall Street in the wake of a string of fail­ures, he’s close to com­plet­ing a deal to take his two as­sets in­to a New­Co with a clean slate and an in­vest­ment syn­di­cate that has $81 mil­lion to in­vest in his drug de­vel­op­ment plans for mi­to­chon­dr­i­al dys­func­tion. Of that, $11 mil­lion came in cash, ac­cord­ing to an SEC fil­ing, with the oth­er $70 mil­lion lined up for a slate of de­vel­op­ment mile­stones.

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