$60 Million Later, Biotech Altea Therapeutics Calls it Quits
Published: Dec 12, 2011
A life sciences company that raised more than $60 million in venture capital, and once contemplated going public, has flamed out.
Atlanta-based Altea Therapeutics Corp. was developing a proprietary, noninvasive method to deliver therapeutic proteins, conventional drugs and vaccines through the skin by creating “micropores” on the skin’s surface. Like some of its peers, Altea ran out of money before it could get there.
“The product was doing great, the wwtechnology was doing great, the company was doing great,” said Altea’s former chief executive, Eric Tomlinson.