Resolve Therapeutics, a US-based healthcare provider, has raised $5.8m in its series B round from a consortium including venture firms New Science Ventures and Easton Capital and WRF Capital, the university venturing unit of Washington Research Foundation.
In May 2010, Resolve raised $2m in the initial close of its A round before planning on bringing in a corporate venturing unit later.
New Science Ventures and Easton Capital provided the initial A round that had been expected to bring in a strategic investor. At the time, James Posada, chief executive of Resolve, said: “We are very pleased to close this initial $2m of our series A financing and expect to complete the round with a third, corporate investor in the near future.”
Somu Subramaniam, founder and managing partner of New Science Ventures, for the latest round said: “Resolve has made significant progress in the development of RSLV-132 [treating lupus], from the company’s formation around an academic concept developed at the University of Washington in early 2010 to the creation of a clinical candidate currently completing IND-enabling studies.
“To have achieved this accomplishment on total funding of less than $3m to date is strong validation of Resolve’s business model for capital-efficient drug development.”
Thong Le, managing director at WRF Capital, added: “We are pleased to join New Science Ventures and Easton Capital to support the continued development of Resolve’s lead program RSLV-132.”