CoLucid Pharmaceuticals, Inc., a Research Triangle Park, NC-based privately held biopharmaceutical company, has raised $7.5m of a planned $9.5m convertible note financing.
Backers include existing investors Pappas Ventures, Domain Associates, Care Capital, Pearl Street Venture Funds and Triathlon Medical Ventures.
The company intends to use the funds to further advance lasmiditan – a Neurally Acting Anti-Migraine Agent (NAAMA) designed to deliver efficacy in migraine without the vasoconstrictor activity associated with previous generations of migraine therapies – into Phase 3 development. CoLucid is currently speaking with potential partners and is interacting with the FDA, and plans to advance lasmiditan into pivotal studies in 2012.
Founded in 2005 by Pappas Ventures, and led by CEO Thomas P. Mathers, the company has a pipeline that includes lasmiditan, a novel treatment for migraine headache, COL-204 for wake promotion, and a conjugated stigmine platform that has generated a series of preclinical candidates for the chronic pain, Alzheimer’s disease and psychiatric disorders.