Next-generation Sugen

Celtic Therapeutics, which was co-founded by Stephen Evans-Freke after he left Celtic Pharma, last week participated in an $8.5 million series B round for oncology company Kolltan Pharmaceuticals Inc. An additional $1.5 million can be applied to a product development program or converted into stock if a product is not chosen by an undisclosed date.

Celtic Therapeutics was in the midst of raising its first fund when Kolltan did its first round last January and was unable to participate, said Evans-Freke. He is well-acquainted with Kolltan's management; he and Kolltan's co-founder and SAB chair Joseph Schlessinger were among the co-founders of Sugen Inc., which Pharmacia & Upjohn acquired for $728.5 million in stock in 1999 (see BioCentury, June 21, 1999)...