Velicept raises first tranche of $21M series B

Velicept Therapeutics Inc. (Malvern, Pa.) raised an undisclosed first tranche of a planned $21 million series B round of funding led by CAM Capital and Longitude Capital. Velicept intends to begin a Phase II study of adrenergic receptor beta 3 ( ADRB3) agonist solabegron ( GW427353) to treat overactive bladder. Velicept did not respond to inquiries.

Biopharma management company NeXeption formed Velicept in June. The newco subsequently merged with AltheRx Pharmaceuticals Inc., which acquired solabegron from GlaxoSmithKline plc (LSE:GSK, NYSE:GSK) in 2011. ...