Civitas Therapeutics announced the successful completion of a $38 million Series B financing round.
Bay City Capital led the series B financing round and was joined by new investors RA Capital and another undisclosed blue chip public investment fund with participation from all existing investors including Alkermes plc, Canaan Partners, Fountain Healthcare Partners, and Longitude Capital.
Civitas plans to use the proceeds from this series B financing for late stage clinical development of the company’s lead program, CVT-301, an inhaled formulation of levodopa being developed for the rapid and reliable relief from debilitating motor fluctuations associated with Parkinson’s disease.
Civitas recently initiated a Phase 2b clinical study to evaluate the efficacy and safety of CVT-301, self-administered by patients, in treating emergent OFF episodes during one month of continued use.
The company will report preliminary data from this study in the first half of 2014.
In addition, Civitas will explore additional opportunities to leverage the ARCUS platform for other disease states where the potential to deliver a large, precise dose of a drug - independent of inspiratory flow rate - from a simple, breath actuated device, would provide a significant clinical advantage.
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