San Francisco-based Osprey Pharmaceuticals has landed $11 million in its first round of venture funding. Burrill & Company led the round. Novo Nordisk Biotech Fund, Yasuda Enterprise Development, GeneChem Therapeutics Venture Fund, BDC Venture Capital and Western Technology Seed Investment Fund also participated. Osprey will use the funding to finance a safety and proof-of-concept clinical trial for its lead drug, a therapeutic fusion protein known as CCL2-LPM. The money will also be used to develop other therapeutics identified by the company's Leukocyte Population Modulators platform.
"The company has acquired a powerful drug discovery platform which has the potential to yield new high value therapeutics against inflammatory and autoimmune disease," said John E. Hamer, Ph.D., managing partner of Burrill & Company.
- take a look at Osprey's release