SHELTON, Conn., July 24 /PRNewswire/ -- Cara Therapeutics, Inc. announced today that it had closed on $12.3 million of additional funding to its original $24 million Series C financing which was completed in 2007. The round was led by new investor, Devon Park Bioventures, and included participation by Connecticut Innovations. Previous investors participating in the round included; Ascent Biomedical Ventures, Mitsubishi International Corporation and Wistar Morris. In conjunction with the financing, Dr. Christopher Moller, General Partner at Devon Park Bioventures, will join Cara's Board of Directors. The additional funds will be used primarily for further clinical development of both intravenous and oral formulations of Cara's second generation peripherally-selective kappa opioid agonist, CR845.
In preclinical studies, CR845 was highly selective for the peripheral kappa opioid receptor. Animal studies indicate that CR845 is effective in reducing pain of inflammatory, neuropathic and visceral origin. The analgesic and anti-inflammatory effects of CR845 lasted for up to 18 hours after a single dose. CR845 was active after intravenous, subcutaneous, or oral administration. Preclinical studies also indicate that CR845 possesses anti-itch properties. Unlike currently marketed opioids, CR845 did not inhibit intestinal transit (ileus), impair breathing or elicit signs of addiction in animal models. CR845 is currently completing Phase Ia studies.
About Cara Therapeutics
Cara Therapeutics is a privately held biotechnology company focused on developing novel, superior therapeutics to treat pain and inflammation associated with diverse medical conditions. Cara's current pipeline includes near-term clinical drug candidates within multiple classes of peripherally-acting analgesics. Cara also plans to develop entirely novel classes of analgesics that emerge from its proprietary GPCR DimerScreenTM technology.
|SOURCE Cara Therapeutics, Inc.|
Copyright©2008 PR Newswire.
All rights reserved