Cara Therapeutics has secured an additional $5 million in funding to complete its $24 million Series C financing. The first tranche of $19 million closed in November 2006. New investors participating in this additional tranche are Scottish Widows Investment Partnership and Mitsubishi International Corporation. Previous investors in this round included MVM Life Science Partners, Alta Partners and Ascent Biomedical Ventures.
"The completion of this financing provides Cara with sufficient financial resources to advance our next two internal drug candidates into Phase I clinical development," said Dr. Derek Chalmers, president & CEO of Cara Therapeutics.
- here's the release on the latest round