INDIANAPOLIS, July 1 /PRNewswire/ -- CoLucid Pharmaceuticals, Inc., an innovative biotechnology company focusing on therapies for central nervous system disorders, announced it closed a $25 million Series B financing. New investor Care Capital led the round, which included previous investors Pappas Ventures, Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures. The financing will be used to further develop a unique migraine compound, COL-144, and to advance a preclinical pipeline of novel chemical entities targeting neurological and psychiatric disorders.
COL-144 is a first-in-class Neurally Acting Anti-Migraine Agent (NAAMA) designed to deliver efficacy in migraine without the vasoconstrictor activity associated with previous generations of migraine therapy. COL-144 selectively targets 5HT1F receptors expressed in the trigeminal nerve pathway. CoLucid completed a Phase II clinical trial last year examining the efficacy of COL-144 in the acute treatment of migraine after intravenous administration. The trial provided clear evidence of safe, effective alleviation of migraine pain and identified a range of doses that provided relief of migraine symptoms and were well tolerated. Based on these encouraging results, CoLucid is advancing clinical development of COL-144 as a treatment for migraine by the oral route of administration.
As a part of the Series B financing, CoLucid also announced the addition of Richard Markham, partner at Care Capital, to the Board of Directors. Prior to joining Care Capital, Markham held several senior leadership positions in the pharmaceutical industry, including CEO of Aventis Pharma, CEO of Hoechst Marion Roussel and President, COO and Board member of Marion Merrell Dow. In addition, he served as President and COO of Merck.
"COL-144 is the first in a new class of migraine therapeutics and
represents a paradigm shift in the treatment of migraine," said James
White, Ph.D., President and CE
|SOURCE CoLucid Pharmaceuticals, Inc.|
Copyright©2008 PR Newswire.
All rights reserved