Fidelity invests $65 in EnVivo Pharma, takes over

Neurological-drug developer EnVivo Pharmaceuticals received $65 million in a series D round closed in April, bringing EnVivo's total venture financing to nearly $125 million. The big spender is Fidelity Biosciences, which invested the full $65 million. The investment firm bought out all other investors, including BCM Technologies, Cogene Ventures, and NeuroVentures Capital.

This latest round of financing is expected to fund the small Massachusetts company into 2010, and by that time, it hopes to have achieved some important milestones. EnVivo is currently developing drugs for schizophrenia and Alzheimer's. EnVivo may develop these products with a pharmaceutical partner, and will consider regional and global collaborations, Chief Executive Kees Been said. The company also has partnered with a nonprofit, CHDI Inc., to discover and develop treatments for Huntington's disease, but it will be a few years before a drug enters clinical studies, he said.

- read more [1] at Dow Jones VentureWire (subscription required)

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