Frazier Healthcare Ventures and Alta Partners co-led the $16.7 million tranche, which also included existing investors Burrill & Company, Three Arch Partners, and Altitude Life Science Ventures. This financing completes the series A round, bringing the total amount raised to date to over $51 million.
James Sabry, president and CEO of Arete, said: “This financing provides substantial funding for Arete as we look toward the initiation of our Phase II clinical trial in the first quarter of 2009 using AR9281 for the treatment of metabolic syndrome. We appreciate our investors’ continued commitment to the value of our s-EH inhibitor platform.”