Civitas Therapeutics, a US-based biopharmaceutical company with a lead program in Parkinson’s disease, has completed a $38m series B financing led by life sciences venture capital firm Bay City Capital and joined by new investors RA Capital, a US-based healthcare and life sciences investment firm, as well as an undisclosed investment fund; all existing investors participated, including Alkermes plc, an Ireland-based biopharmaceutical company that focuses on central nervous system diseases, venture capital firm Canaan Partners, Ireland-based life sciences venture capital fund Fountain Healthcare Partners, and Longitude Capital, a private equity firm focused on drug development and medical technology.
Glenn Batchelder, chief executive officer and co-founder of Civitas, said: “We are pleased that our new investors recognized the significant value that has been created since our initial financing, and we are excited to have their input and support as we further develop our lead program along with the broader pipeline.”
Civitas plans to use the proceeds from this financing for late stage clinical development of the company’s lead program, CVT-301, an inhaled formulation of levodopa (L-dopa) being developed for relief from motor fluctuations associated with Parkinson’s disease.
Rajeev Shah, partner at RA Capital, said: “As we surveyed the Parkinson’s disease landscape, we found CVT-301 to be a particularly compelling opportunity that uniquely addresses a significant unmet need. CVT-301 represents a rare combination of a large commercial opportunity for a severe disease coupled with a highly de-risked, capital efficient development path.”
Rob Hopfner, partner at Bay City Capital, said: “Civitas, along with its scientific and patient foundation collaborators, has made impressive achievements in rapidly advancing the development of CVT-301 since the company’s launch in 2011.”