Tragara raises $40 million

Cancer and inflammation company Tragara (San Diego, Calif.) raised $40 million in a series A round. Investors included Domain Associates; ProQuest Investments; Morgenthaler Ventures; Oxford Bioscience Partners; and Mitsubishi International. Tragara's TG01 has completed Phase IIa testing for inflammation and pain. The company expects the oral small molecule to enter Phase IIb testing for the indications in 2008 and Phase I testing for lung cancer in 3Q07. Tragara, which did not disclose TG01's mechanism of action, acquired the compound from an undisclosed pharma company. ...