Pulmatrix Raises $14M in Series B1 Funding Round
Pulmatrix, a Lexington, MA-based clinical stage biotechnology company developing a new class of therapies for the prevention, treatment and control of respiratory diseases, has raised $14m in a Series B1 funding round.
The financing, which brings the total amount raised by Pulmatrix to date to $60m, included participation from existing investors Polaris Venture Partners, 5AM Ventures, Arch Venture Partners, and Novartis Venture Fund.
The company intends to use the funds to advance its lead iCALM drug candidate, PUR118, through Phase 2A efficacy studies in two diseases, chronic obstructed pulmonary disease (COPD) and cystic fibrosis (CF). Using its iCALM(TM) and iSPERSE(TM) platforms, Pulmatrix is also developing a product pipeline to offer a new approach for novel inhaled therapeutics for the treatment and prevention of a wide range of diseases.
Founded by David Edwards, PhD Professor of Biomedical Engineering, Harvard University, Mark Gabrielson President & CEO, Ore Pharmaceutical Holdings Inc. (NASD: ORXE), Alexander Klibanov, PhD Professor of Chemistry and Bioengineering, MIT, and Robert Langer, PhD Professor of Chemical and Biomedical Engineering, MIT, the company is led by CEO Robert Connelly.