US-based novel therapeutics developer Aldea Pharmaceuticals has received $24m in a series B round that included participation from WuXi PharmaTech Corporate Ventures, the corporate venturing unit of biopharmaceutical company WuXi Pharmatech.
RusnanoMedInvest, a subsidiary of the Russian state-run investment firm Rusnano, and venture capital firms Canaan Partners and Correlation Ventures also took part in the round.
The capital will be used to advance the testing of Aldea’s AD-6626, a drug candidate for the treatment of acute alcohol intoxication, into clinical trials, and to fund Phase 2 trials.
Prior to this round, Aldea raised approximately $11.4m in series A funding last year from investors including Canaan Partners and Correlation Ventures.