Arteaus Therapeutics, LLC, a Cambridge, Massachusetts-based biotechnology development company focused on creating new therapies for migraine prevention, has raised $18m in funding.
Backers include Atlas Venture and OrbiMed Advisors.
In conjunction with the funding, Thomas Schuetz from OrbiMed, will join the company’s board.
Arteaus is developing an antibody to calcitonin gene-related peptide (CGRP) as a novel approach for the prevention of migraine headaches. The world-wide rights to develop the antibody have been licensed from Eli Lilly and Company in a collaboration that leverages Lilly’s capabilities and experience developing the antibody with Arteaus’ virtual and capital-efficient approach to achieving clinical proof of concept.
Using a virtual team and collaborating with Lilly’s Chorus unit, the company will develop the antibody through Phase 2 randomized clinical trials to demonstrate proof of concept in migraine prevention. Upon completion of the study, Lilly will have the option to continue to develop the antibody at pre-negotiated terms including milestones and royalties.
Arteaus is led by CEO David Grayzel, MD, Managing Director of Atlas Venture Development Corp.
FinSMEs
19/10/2011