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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