Cara garners $12.3M in new venture cash

Cara Therapeutics has closed on $12.3 million of additional funding to its original $24 million Series C financing completed in 2007. The round was led by a new investor--Devon Park Bioventures--and included participation by Connecticut Innovations.

The new money will be used primarily for further development of intravenous and oral formulations of Cara's second generation kappa opioid agonist, CR845. In preclinical studies, says Cara, CR845 "was highly selective for the peripheral kappa opioid receptor. Animal studies indicate that CR845 is effective in reducing pain of inflammatory, neuropathic and visceral origin."

- check out the press release