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news.InfaCare Pharmaceutical, a specialty pharmaceutical company engaged in the development of products to treat neonatal diseases, has announced a $28 million private placement of its Series B preferred stock.
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New investor, HealthCare Ventures, led the round and Harold Werner, a partner with HealthCare Ventures, will join InfaCare’s board of directors. Additional funding came from new investor Longitude Capital. Patrick Enright, a partner with Longitude and a current InfaCare board member, will represent the fund. All current preferred stock investors, including FirstMark Capital and Atlas Venture, also participated in the financing.
InfaCare’s lead compound Stanate, currently in development for the treatment of neonatal hyperbilirubinemia, is expected to enter a pivotal Phase III trial in 2009.
Dan Burns, president and CEO of InfaCare, said: “We expect the proceeds of this financing to provide the capital necessary to achieve value creating milestones for the company, including Phase IIb results for our lead product.”