Civitas secures $55 million in series C
Civitas Therapeutics Inc. (Chelsea, Mass.) secured $55 million in a series C round from new investors Adage Capital Management; OrbiMed Advisors; Partner Fund Management; Rock Springs Capital; and Sofinnova Ventures. All of Civitas' existing investors also participated, including Alkermes plc (NASDAQ:ALKS); Bay City Capital; Canaan Partners; Fountain Healthcare Partners; Longitude Capital; RA Capital; and Wellington Management Company.
Civitas plans to start Phase III testing of CVT-301 to treat motor fluctuations associated with Parkinson's disease (PD) early next year, with data expected in 2016. In April, the company said the inhaled formulation of levodopa delivered via Civitas' Arcus inhalation technology met the primary endpoint vs. placebo in a Phase IIb trial (see BioCentury Extra, April 28). ...