TARIS Biomedical, a Lexington, MA-based specialty pharmaceutical company developing innovative, targeted therapies using drug delivery to treat bladder diseases, has raised $18.3m in conjunction with its Series B financing.
The round was led by new investor Third Rock Ventures, with participation from existing backers Flagship Ventures, Flybridge Capital Partners and Polaris Venture Partners.
A previous bridge financing was converted into equity in connection with the financing.
As stated by President and CEO Sarma Duddu, PhD, TARIS Biomedical intends to use the funds to advance its lead product candidate, Lidocaine Releasing Intravesical System (LiRIS®), into later stage clinical development for the treatment of multiple bladder disorders, and to continue to build the rest of its pipeline of novel therapeutics.
In conjunction with the financing, Cary Pfeffer, MD, of Third Rock Ventures will join the company’s Board of Directors.