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Bruce Montgomery's New Startup, Cardeas Pharma, Raises $5 Million


12/21/2011 8:56:04 AM

Bruce Montgomery, the prominent Seattle biotech entrepreneur, has raised $5 million for his latest startup, Xconomy has learned. Cardeas Pharma has pulled in $5 million in equity financing, in the first of two planned closings, Montgomery said in an e-mail. The syndicate is being led by Novo Ventures, and includes San Diego-based Avalon Ventures, Seattle-based WRF Capital, and Wayne, PA-based Devon Park Bioventures, according to Thong Le, a managing director with WRF Capital. The deal will be worth $7.5 million to Cardeas once the second part of the financing is complete, Le says.

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