ANN ARBOR, Mich., April 16 /PRNewswire/ -- Lycera Corp. today announced it has closed a $36 million Series A financing.
The company, which is developing novel small-molecule pharmaceuticals to treat autoimmune diseases such as rheumatoid arthritis and inflammatory bowel disease, has received $10 million as a first tranche of the financing and will receive the remainder of the proceeds in two tranches as specific milestones are met. InterWest Partners, ARCH Venture Partners and Clarus Ventures co-led the financing. EDF Ventures, which led a seed financing in November 2006, is also participating.
In conjunction with the closing, Jeffrey Leiden, M.D., Ph.D., a managing director with Clarus; Kristina Burow, a partner with ARCH; and Nina Kjellson, a general partner with InterWest, have joined Lycera's board of directors. These additions have increased board membership to six. Steven Gillis, Ph.D., a managing director with ARCH, and Mary Campbell, a managing director at EDF Ventures, will serve as board observers.
Lycera also announced that it has expanded its development initiatives for small-molecule immunomodulators through the addition of a program targeting the Th17 pathway discovered by Dan Littman, M.D., Ph.D. Dr. Littman, the Helen L. and Martin S. Kimmel professor of molecular immunology and professor of pathology and microbiology at the Skirball Institute of Biomolecular Medicine of
"This financing round is an important validation of the Lycera technology platforms," said Dr. Gary Glick, Lycera's founder and chief scientific officer. "The company is fortunate to be working with a distinguished, talented and experienced group of investors. Their expertise in the dis
|SOURCE Lycera Corp.|
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