Inhaling A Round

Civitas Therapeutics Inc., a spinout of the pulmonary delivery business of Alkermes Inc. (NASDAQ:ALKS), raised $20 million in a series A round last week. Founding investor Longitude Capital led the round along with Canaan Partners.

Civitas' lead program in Parkinson's disease uses an inhaled formulation of an undisclosed drug already approved for the indication. The candidate will be tested as an acute rescue therapy for hypomobility episodes and as a chronic treatment to minimize response fluctuations on oral medications...