US-based biopharmaceutical company Pulmatrix has secured an initial $14m in additional series B funding from existing investors, including Novartis Venture Funds, the corporate venturing unit belonging to the eponymous pharmaceutical company.
Novartis Bioventures Fund had previously co-led Pulmatrix’s initial series B round, in November 2009, which raised $30.2m. Also participating in both rounds were US-based venture capital (VC) firms Arch Venture Partners, Polaris Venture Partners and 5am Ventures.
Filings with the US Securities and Exchanges Commission showed Pulmatrix had received several rounds of series A funding, securing $3.6m in February 2009, $4m in September 2008 and $8m in June 2007, as well as $900,000 in seed funding in June 2004. The investors for the 2009 round were undisclosed but it is known Novartis was not among them.
Founded in 2003, Pulmatrix uses biotechnology to counteract respiratory diseases. Pulmatrix will use the capital to accelerate tests on its inhaled cationic airway lining modulators (iCALM) therapies, which could be used to treat respiratory illnesses ranging from influenza and asthma to cystic fibrosis.