February 11, 2015
By Riley McDermid, BioSpace.com Breaking News Sr. Editor
San Diego startup Cidara Therapeutics, Inc. has completed its $42 million private Series B financing raised from an unnamed group of institutional investors and existing investors, who in the past have included 5AM Ventures, Aisling Capital, Frazier Healthcare and InterWest Partners.
Cidara is being closely watched because of its two flagship antifungal programs, Biafungin and Topifungin, both of which aim to treat infections, the former through an IV, weekly administration; the latter via topical application. It has also designed an in-house immunotherapy platform, Cloudbreak, to create antifungals, antibacterials and antivirals.
It closed a $32 million Series A round in June led by 5AM Ventures, Aisling Capital, Frazier Healthcare and InterWest Partners.
Cidara execs said they will use the new funds to advance the discovery, development and commercialization of novel anti-infectives for the treatment of diseases “that are inadequately addressed by current standard-of-care therapies.”
“We appreciate the support and confidence demonstrated by our new and existing investors in this round,” said Jeff Stein, chief executive officer of Cidara, in a statement. “Proceeds from the financing will enable us to accelerate the development of our echinocandin antifungal programs, biafungin and topifungin, as well as our immunotherapy platform, Cloudbreak, which, we believe, may represent a fundamentally new approach to the treatment of infectious diseases.”
BioSpace Temperature Poll
Who Do You Think Will Be Sanofi’s New CEO? French drugmaker Sanofi said Thursday that it will name a new chief executive in mere weeks, as it attempted to put to rest rumors that the company could not find any executives willing to take the reins after it unceremoniously ousted its previous CEO last fall. Who do you think will soon be crowned king? BioSpace wants your opinion!
