By Angela McDaniels
Seattle, Aug. 7 - Cabrellis Pharmaceuticals Corp. raised $27.5 million during a round of series A financing, according to a company news release.
Major participating investors included Domain Associates, Forward Ventures, Lilly Ventures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners and S.R. One Ltd.
The company said funding will be used to advance the clinical development of Calsed (amrubicin hydrochloride), a synthetic anticancer drug in phase 2 clinical testing.
Cabrellis plans to begin three clinical trials in small-cell lung cancer in 2006. The first trial - designed to assess the safety and efficacy of Calsed compared with topotecan in the second-line treatment of patients with small-cell lung cancer who previously responded to platinum-based chemotherapy - is underway at multiple clinical trial sites in the United States.
Additional phase 2 clinical trials are planned to assess Calsed in chemotherapeutic-naive patients and in patients who were refractory to earlier platinum-based chemotherapy. Cabrellis is also planning trials to evaluate the potential utility of Calsed in tumor types other than small-cell lung cancer.
In preclinical studies, the drug demonstrated a higher level of antitumor activity than conventional anthracycline drugs without exhibiting any indication of the cumulative cardiac toxicity common to this class of compounds, according to the release.
Cabrellis is a specialty pharmaceutical company based in San Diego that develops therapies for the treatment of cancer. It was formed in May as a spinout from Conforma Therapeutics Corp. and founded by members of the Conforma management team that executed the sale of Conforma to Biogen Idec Inc.
| Issuer: | Cabrellis Pharmaceuticals Corp.
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| Issue: | Series A funding
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| Amount: | $27.5 million
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| Investors: | Domain Associates, Forward Ventures, Lilly Ventures, Novo A/S, ProQuest Investments, RBC Capital Partners, RiverVest Venture Partners, S.R. One Ltd.
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| Announcement date: | Aug. 7
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