US Bio-tech firm Synovex Corp, has raised half of a planned $7m Series C round. The company did not reveal the identities of the investors who participated.
Synovex’s 2008 $12m Series B round included investments from pharmaceutical companies Amgen, GlaxoSmithKline and AstraZeneca, through their respective corporate venturing arms Amgen Ventures, SR One, and MedImmune Ventures , as well as returning Series A investors healthcare orientated venture capital firm Healthcare Ventures and the Harvard Partners Investments Fund, a collaborative fund set up by Harvard University and non-profit healthcare provider Partners Healthcare.
Synovex’s Series A round closed in 2006 at $2.5m
Cambridge, Mass based Synovex was founded in 2006, and is currently developing non-immunosuppressive medication, dubbed SDP051, for fibrosis and debilitating cartilage destruction caused by rheumatoid arthritis. The company says it hopes to begin clinical trials for SDP051 before the end of the year.