Civitas Therapeutics, Inc., a Chelsea MA-based biopharmaceutical company developing and commercializing therapeutics using its proprietary technology, completed a $55m Series C financing.
Backers included new investors Adage Capital Management, LP, OrbiMed Advisors, Partner Fund Management, LP, Rock Springs Capital, and Sofinnova Ventures, and existing investors Alkermes plc, Bay City Capital, Canaan Partners, Fountain Healthcare Partners, Longitude Capital, RA Capital, and Wellington Management Company, LLP.
The company intends to use the funds towards the upcoming Phase 3 clinical trials for its lead candidate, CVT-301, an inhaled formulation of levodopa (L-dopa) being developed for relief from debilitating motor fluctuations, known as OFF episodes, associated with Parkinson’s disease (PD), as well as for the development of additional, early stage pipeline programs.
Led by Mark Iwicki, President and Chief Executive Officer, Civitas Therapeutics has developed ARCUS™ technology, the basis of CVT-301, which allows the precise delivery of large quantities of drug per inhalation in a breath-actuated inhaler. The technology delivers a dose to the lung every time across a wide range of patient inhalation flow rates.