Upstart biotech Concert Pharmaceuticals has raised $48 million in its second round of venture capital, adding to the $10 million it raised in round one last July. Flagship Ventures led the round which included Brookside Capital Partners Fund and New Leaf Venture Partners. Three Arch partners, TVM Capital, Skyline Ventures, Greylock Partners and QVT Fund LP also participated. Concert CEO Robert Tung had been vice president of drug discovery at Vertex. The company was launched in April.
"With this additional funding, and these premier new investors, we will be able to systematically exploit our proprietary technology and rapidly advance our diverse pipeline into clinical evaluation," said Tung.
- check out the report on the round from The Boston Business Journal
ALSO: Xanthus Pharmaceuticals of Cambridge, MA raised $25 million in its second round. Xanthus has five oncology therapies in its pipeline. Release