8/25/2014 4:15:17 PM
Massachusetts' Civitas Therapeutics Locks In $55 Million
August 26, 2014
By Krystle Vermes, BioSpace.com Breaking News Staff
Today, Civitas Therapeutics announced that it has raised $55 million in a Series C round of financing. The Massachusetts-based biopharmaceutical company will likely use the money to finance more testing of its drug candidate, CVT-301.
New investors including Adage Capital Management, LP, OrbiMed Advisors, Partner Fund Management, LP, Rock Springs Capital, and Sofinnova Ventures participated in this round of funding. Existing investors Alkermes, Bay City Capital, Canaan Partners, Fountain Healthcare Partners, Longitude Capital, RA Capital, and Wellington Management Company, LLP participated as well.
“The proceeds from this financing round will be used towards the upcoming Phase 3 clinical trials for our lead candidate, CVT-301, an inhaled formulation of levodopa (L-dopa) being developed for rapid and reliable relief from debilitating motor fluctuations, known as OFF episodes, associated with Parkinson’s disease, as well as for the development of additional, early stage pipeline programs,” said Mark Iwicki, President and Chief Executive Officer of Civitas Therapeutics.
The Phase 3 clinical trials are set to begin in early 2015. Data compiled from the will be released by 2016.
CVT-301 is a self-administered, adjunctive, as needed, inhaled L-dopa therapy for OFF episodes. It delivers L-dopa to the brain quickly to the brain, and it’s meant to be used in combination with a Parkinson’s disease patient’s individually optimized oral L-dopa regimen. Civitas Therapeutics’ ARCUS technology ensures that a precise dose is delivered each time.
Civitas Therapeutics, located in Chelsea, Mass., focuses on treating OFF episodes in patients with Parkinson’s disease. Clinical studies for CVT-301 have been partially funded in grants from The Michael J. Fox Foundation for Parkinson’s Research.
Parkinson’s disease is a progressive disorder that primarily impacts the nervous system. It eventually begins to impact motions and may cause stiffness or slow movement. There is currently no cure for Parkinson’s disease. Age and hereditary factors may play a role in the development of the condition in patients.
Each year, approximately 50,000 Americans are diagnosed with Parkinson’s disease. About half a million Americans are living with the disease at any given time. The condition is known to strike more men than women, but it does not seem to have any geographical boundaries.
The standard treatment method used for the symptoms of Parkinson’s disease is oral levodopa. However, it is difficult to pinpoint when the treatment will go into effect once it’s in the body.
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