APT Pharmaceuticals has completed a $32.3 million Series B financing. The round was led by Three Arch Partners and joined by additional new investors InterWest Partners and Pinnacle Ventures. Existing investors Charter Life Sciences, Great Point Partners, Versant Ventures and Vivo Ventures also participated in the round.
Much of the money is earmarked to complete APT's pivotal Phase III program evaluating the safety and efficacy of cyclosporine inhalation solution following lung transplantation. The Series B financing will also fund further development of the company's pipeline programs in serious lung diseases.
"With this latest financing, we have the team, the strategy and the financial backing necessary to bring inhaled cyclosporine to market and to become a profitable company," explained Dr. Stephen Dilly, president and CEO of APT Pharmaceuticals. "The support of a group of premier life sciences investors clearly validates our business model and our recent achievements which is especially gratifying during this uncertain time in the financial markets."
- check out the APT release