Patara Pharma, a San Diego, CA-based clinical-stage biotechnology company developing treatments for debilitating allergic and inflammatory diseases and conditions, closed a $26m Series A financing.
The company also entered into a Loan and Security Agreement with Silicon Valley Bank to borrow up to $7m.
Led by Bill Gerhart, chairman and chief executive officer, Patara Pharma is a clinical-stage biotechnology company developing new therapeutics that target debilitating allergic and inflammatory diseases and conditions in orphan or focused patient populations. The company’s lead candidate, PA101B, is a proprietary formulation of a GPR35 agonist with anti-allergy and anti-inflammatory properties. PA101B is being evaluated in separate Phase II clinical trials for the treatment of refractory chronic cough and the treatment of indolent systemic mastocytosis.
The company will use the funds from the financing to evaluate its lead candidate, PA101B, in multiple indications, including for refractory chronic cough and indolent systemic mastocytosis.