The venture investors behind two US-based biotechnology companies are pushing through a merger and investing a further $15m to fund the new business, Corridor Pharmaceuticals.
The merger of Arginetix and Immune Control formed Corridor, and investors for what is being deemed its series A round include MedImmune Ventures, the biotech corporate venturing division of AstraZeneca, and Acidophil, a virtual research firm and venture investor that co-founded Arginetix.
The other major investors were also drawn from the two original companies’ venture capital backers: Domain Associates, Quaker BioVentures, NewSpring Capital, Maryland Health Care Product Development, Ben Franklin Technology Partners and Red Abbey Venture Partners.
Gary Lessing, formerly the chief executive of Arginetix, will be CEO of Corridor, with Stephen Roth, formerly CEO of Immune Control, as executive vice chairman.
Corridor said its blood pressure drug, C-122, would enter clinical trials later this year.
Arginetix raised $6.8m while Immune Control had gained $22m as independent companies, according to news provider VentureWire.