Civitas Therapeutics has announced that all of its existing investors, plus seven new investors, participated in a $55 million Series C financing round. The company is developing products based on respiratory delivery technology acquired from Alkermes in 2011 and originally developed by AIR.
Civitas President and CEO Mark Iwicki commented, “The proceeds from this financing round will be used towards the upcoming Phase 3 clinical trials for our lead candidate, CVT-301, an inhaled formulation of levodopa (L-dopa) being developed for rapid and reliable relief from debilitating motor fluctuations, known as OFF episodes, associated with Parkinson’s disease (PD), as well as for the development of additional, early stage pipeline programs.”
The company announced positive Phase 2b results for CVT-301 earlier this year. The pivotal Phase 3 clinical trial is expected to get underway in 2015, with data available sometime in 2016.
Read the Civitas press release.
