The financing was led by Three Arch Partners and joined by additional new investors InterWest Partners and Pinnacle Ventures. Existing investors Charter Life Sciences, Great Point Partners, Versant Ventures and Vivo Ventures also participated in the round.
Proceeds from the financing will be used to complete APT’s pivotal Phase III program evaluating the safety and efficacy of cyclosporine inhalation solution following lung transplantation. The Series B financing will also fund further development of the company’s pipeline programs in serious lung diseases.
As part of this Series B financing, APT also announced that Bill Harrington has joined the APT board of directors and Nina Kjellson, a general partner with InterWest Partners, and David Kim, a partner with Pinnacle Ventures, have joined as board observers.
Stephen Dilly, president and CEO of APT Pharmaceuticals, said: “With this latest financing, we have the team, the strategy and the financial backing necessary to bring inhaled cyclosporine to market and to become a profitable company.”