Pulmatrix, a Lexington, MA-based clinical stage biotechnology company discovering and developing a new class of therapies for the treatment and prevention of infectious and progressive respiratory diseases, has secured $30.2m in Series B equity financing and has been awarded a $2.2m grant from the National Institute of Allergy and Infectious Diseases (NIAID), a component of the National Institutes of Health (NIH).
The equity round was led by ARCH Venture Partners and Novartis Bioventures Fund with participation from existing investors Polaris Venture Partners and 5AM Ventures.
Commenting on the financing, Robert Connelly, Pulmatrix Chief Executive Officer, said: “The proceeds will be used to enhance Pulmatrix’s R&D capabilities in advancing a new class of host-targeted therapies that treat and prevent a full range of respiratory diseases by harnessing the airway and lungs own natural biophysical properties and host-defense mechanisms.
“In particular, the financing will accelerate the development of Pulmatrix’s product pipeline, including multiple clinical trials in a number of respiratory diseases that will initiate in 2010 and 2011”, he said.
The $2.2m grant from the National Institute of Allergy and Infectious Diseases (NIAID) will support ongoing preclinical studies to extend the spectrum and efficacy of PUR003, a drug compound, and advance next generation formulations to Investigational New Drug-enabling toxicology studies.