Fovea gains $44M in Series B

Paris-based Fovea Pharmaceuticals has raised €30 million ($44 million) in a Series B financing. The round was led by Forbion Capital Partners and also included Sofinnova Partners, Abingworth, GIMV, The Wellcome Trust and CAPE.

Fovea will use the funding to advance FOV1101 for chronic allergic conjunctivitis into Phase II. The company will also start Phase II studies of its FOV2302 and FOV2301 for the treatment of acute and diabetic macular edema, respectively. A fourth drug candidate, FOV2501, is expected to enter clinical trials in the first half of 2009.

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ALSO: CDI Bioscience has received $3 million in VC funding. Battelle Ventures and its affiliate fund Innovation Valley Partners were the sole investors in this first round of financing. Release