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news.CoLucid Pharmaceuticals, a biotechnology company, has closed a $25 million Series B financing. New investor Care Capital led the round, which included previous investors Pappas Ventures, Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures.
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The financing will be used to further develop a migraine compound, COL-144, and to advance a preclinical pipeline of novel chemical entities targeting neurological and psychiatric disorders.
The company said that COL-144 is a first-in-class neurally acting anti-migraine agent designed to deliver efficacy in migraine without the vasoconstrictor activity associated with previous generations of migraine therapy. CoLucid is advancing clinical development of COL-144 as a treatment for migraine by the oral route of administration.
In addition to COL-144, CoLucid’s pipeline includes a conjugated stigmine platform that has generated a series of preclinical candidates for the treatment of sleep disorders, chronic pain, Alzheimer’s disease and anxiety or depression disorders. COL-204, the lead compound in the conjugated stigmine program, is expected to enter clinical development in early 2009 for wake promotion.
As a part of the Series B financing, CoLucid also announced the addition of Richard Markham, partner at Care Capital, to the board of directors. Prior to joining Care Capital, Mr Markham held several senior leadership positions in the pharmaceutical industry, including CEO of Aventis Pharma, CEO of Hoechst Marion Roussel and president, COO and board member of Marion Merrell Dow.