By Jennifer Chiou
New York, July 13 - Vitae Pharmaceuticals received $15 million in equity financing as part of its recently cleared licensing and development agreement with GlaxoSmithKline.
Proceeds will help the company intends accelerate its programs into the human clinical trial phase.
"Attracting additional capital at an increased value over previous financings is a clear endorsement of the strength of our company and the potential of our product candidates," said chief executive officer Jeffrey Hatfield in a news release.
Vitae and GlaxoSmithKline formed a strategic alliance in June to develop and commercialize renin inhibitor drug compounds for the treatment of hypertension and related cardiovascular disorders.
GlaxoSmithKline led investors, which included Atlas Venture, New Enterprise Associates, Prospect Venture Partners, Venrock Associates and Wellcome Trust.
The company's corporate shareholders include GlaxoSmithKline, Allergan and Intel.
Vitae Pharmaceuticals, based in Fort Washington, Pa., is a pharmaceutical company.
| Issuer: | Vitae Pharmaceuticals
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| Issue: | Stock
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| Amount: | $15 million
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| Investors: | GlaxoSmithKline (lead), Atlas Venture, New Enterprise Associates, Prospect Venture Partners, Venrock Associates, Wellcome Trust
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| Announcement date: | July 13
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