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news.Circassia, a specialty biopharmaceutical company focused on controlling immune system responses, has successfully raised $21.8 million in an oversubscribed second round funding.
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The investment syndicate includes new investors Goldman Sachs and Invesco Perpetual, as well as existing investors, including Imperial Innovations and Lansdowne Partners. This second investment round has increased Circassia’s current cash balance to $29.8 million.
The company intends to utilize the funds to progress its clinical development programs and to acquire additional technologies that fit its specialty business model.
Steve Harris, CEO of Circassia, said: “We have made good progress advancing our anti-allergy products during 2007, and successfully completing this funding, particularly in the current challenging market conditions, is a strong vote of confidence from a syndicate of world-class investors.”