Civitas Therapeutics Secures $55M Series C

August 25, 2014 - Dow Jones VentureWire

Civitas Therapeutics Inc ., a biopharmaceutical company developing and commercializing therapeutics, has closed a $55 million Series C financing.

The round included new investors Adage Capital Management , OrbiMed Advisors , Partner Fund Management, Rock Springs Capital and Sofinnova Ventures , with participation from all existing investors, including Alkermes PLC , Bay City Capital , Canaan Partners , Fountain Healthcare Partners , Longitude Capital, RA Capital and Wellington Management Company.

The proceeds from the round will be used towards the upcoming Phase 3 clinical trials for the company's 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, CEO Mark Iwicki said.

CVT-301 clinical studies conducted to date have been funded in part by grants from the Michael J. Fox Foundation for Parkinson's Research.

The company's proprietary Arcus technology, the basis of CVT-301, allows for the consistent and precise delivery of large quantities of drug per inhalation in a simple, patient-friendly, breath-actuated inhaler, the company said in a news release. The technology delivers a consistent dose to the lung every time across a wide range of patient inhalation flow rates.

In September the company raised $38 million in Series B financing led by Bay City Capital.