Civitas Therapeutics, Inc., a Chelsea, MA-based biopharmaceutical company focused on developing innovative pulmonary delivery therapies, has raised $20m in Series A financing.
The round was co-led by founding investor, Longitude Capital, as well as Canaan Partners.
The company, which is a spin-out of Alkermes, Inc.’s pulmonary delivery business that includes the related technology, pipeline assets and the commercial ready manufacturing facility, intends to use the funding to advance its lead program for treating patients with Parkinson’s disease through clinical proof-of-concept, to be completed in 2012.
Founded by Glenn Batchelder, CEO, James Wright, PhD, Chair of the Scientific Advisory Board, Richard Batycky, PhD, CSO, and Martin Freed, MD, CMO, Civitas is focused on developing products with a clinically proven dry powder pulmonary delivery platform. In addition to its lead program for Parkinson’s desease, other programs include pulmonary disease, allergy, and pain.
The company’s Board include Mr. Batchelder, Dr. Hirsch, Dr. Shannon, and Blair Jackson, a vice president of Alkermes, Inc.