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Celtaxsys wraps up $45M funding round

Monday, June 8, 2015   (0 Comments)
Posted by: Angela King
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Celtaxsys Inc., a clinical stage drug development company based in Atlanta, completed a $45 million funding round, the company announced June 8.

The $40 million Series D financing was led by Domain Partners VIII with additional funding from Lumira Capital, RMI Partners, Masters Capital Management and the Georgia Research Alliance Venture Fund.

The Cystic Fibrosis Foundation Therapeutics, the nonprofit drug discovery and development arm of the Cystic Fibrosis Foundation, also provided a $5 million grant.

Celtaxsys, which is focused on developing novel therapies for inflammatory diseases, will use the money to fund a Phase 2 trial to assess the safety and efficacy of its leading drug candidate, CTX-4430. CTX-4430 is a once daily oral anti-inflammatory medicine that could help preserve lung fundtion in patients with Cystic Fibrosis.

The funds will also support completion of another Phase 2 trial for patients with moderately severe acne vulgaris. "Top line results" are expected from this trial by the end of 2016's first quarter.

Nicole Vitullo, partner at Domain Associates; Gerry Brunk, managing director at Lumira Capital; and Maxim Gorbachev, parter at RMI Partners, will also join Celtaxsys' board of directors.

Source: Atlanta Business Chronicles:

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