Ocera Therapeutics raised $28 million from a group of venture investors backing the biotech's work on orphan liver diseases. The San Diego-based biotech's lead therapy is OCR-002, ornithine phenylacetate, for the treatment of hepatic encephalopathy, which is slated to start a Phase IIb study later this year. Vivo Capital and Venrock spearheaded the round with additional participation from institutional investors Deerfield, Great Point Partners LLC, funds managed by QVT Financial LP, RA Capital Management, InterWest Partners and Three Arch Opportunity Fund. Release