Otonomy lands $38.5M for ear disorder work

San Diego-based Otonomy has closed a $38.5 million Series B financing. Novo Ventures and RiverVest Venture Partners co-led the round with help from Domain Associates and TPG Biotech. Otonomy previously raised $10 million in June, bringing its total 2010 haul to $48.5 million.  Otonomy's lead product is OTO-104. This sustained-release steroid is being evaluated in a Phase Ib trial as a treatment for Meniere's disease, a condition that can affect...

Taligen gets $10M cash injection for rare disease programs

Taligen Therapeutics has hit another milestone on its journey in search of new therapies for a broad array of inflammatory and immune diseases. The Cambridge, MA-based developer has snagged a $10 million tranche in its $65 million Series B, earmarking much of the money for early clinical stage development work for its lead candidate - TT30. Taligen set out to prove its drug platform could regulate the "complement system," a pathway in the human immune system. And it has initially zeroed in on...

Anchor raises $10M, aims for more in Series B

Anchor Therapeutics has raised $10 million in the first close of what the company hopes will be a $30 million Series B round. Current investors TVM Capital, HealthCare Ventures and the Novartis Option Fund participated in the round. Anchor says it's in discussions with additional investors who may participate in the round. Anchor Therapeutics, known until earlier this year as Ascent Therapeutics, plans to pursue Big Pharma licensing pacts and its goal of raising a $30 million Series B round....

VCs shell out $39M for Complete Genomics

Proving once again how attractive DNA sequencing has become to investors, Mountain View, CA-based Complete Genomics reports that it has raised $39 million in a new venture round--its fifth. New investor Sands Capital led this round of financing and was joined by existing investors Essex Woodlands, OVP Venture Partners, Prospect Venture Partners, OrbiMed Advisors, Highland Capital and Enterprise Partners. "We continue to make strong business progress," boasted Complete Genomics CEO Cliff Reid in...

CeNeRx raises $13M as it preps for Phase II

Research Triangle Park-based CeNeRx BioPharma has raised $13 million to conduct Phase II trials of its experimental antidepressant. Perseus Soros Biopharmaceutical Fund, L Capital Partners and Pappas Ventures all participated in the Series C round. CeNeRx is preparing to start a Phase II trial TriRima, the company's lead drug for treatment-resistant depression. "These funds will support the Phase II trial of TriRima as monotherapy for treatment-resistant depression," says CeNeRx...

PwC sees big 2Q jump in biotech venture investments

The numbers guys crunched the venture investments tracked by Thomson Reuters and concluded that the life sciences industry rebounded nicely from a bleak first quarter. Altogether the life sciences, a combination of biotech and medical devices, saw a 52 percent increase in dollars and a 36 percent spike in the number of deals done as venture investors backed developers with $2.1 billion. "The rise in companies lining up to go public in the Life Sciences space was likely a driver of this strong...

Cerenis lands $65M for mid-stage cholesterol drug program

Cerenis Therapeutics has nailed down $51.5 million in the first close of its Series C round, fueling the developer's mid-stage clinical trial for its lead cholesterol therapy and positioning the biotech for a potential regulatory submission in a little more than two years. Cerenis and Novasep, a contract manufacturer, simultaneously announced €10.7 million in funding from the French government for the lead drug program.   The latest round brings back a familiar group of...

Euthymics lands $24M to fund antidepressant work

Novartis Venture Funds and Venture Investors led a $24 million Series A financing for Euthymics Bioscience, which is developing antidepressants. The funding helps Cambridge, MA-based Euthymics complete its acquisition of DOV Pharmaceutical and supports continued development of DOV's antidepressant, EB-1010 (DOV 21,947), for patients who do not respond to SSRIs. As many as two-thirds of those in need of antidepressants can't take SSRIs due to side effects. EB-1010, which is...

Cara rounds up $15M for post-op pain drug

Connecticut-based Cara Therapeutics has landed $15 million in Series D financing with help from new investor Rho Ventures, which led the round. Cara is developing CR845, an intravenous post-operative pain treatment currently being studied in a Phase II clinical trial in women following laparoscopic hysterectomy. The financing will be used to support further clinical development of CR845. "There has been little innovation in post-operative pain treatment where opioid use continues to...

Biotech takes top spot in Q2 VC investment

The National Venture Capital Association (NVCA) has released second quarter investment numbers, and once again the life sciences sector (biotechnology and medical device industries combined) leads the pack. As in Q1, biotech received the highest level of funding, rising 59 percent in dollars and 34 percent in deal volume in the second quarter with $1.3 billion going into 139 deals. Overall, life sciences investing jumped 52 percent in dollars and 36 percent in deals over Q1 levels. Seed...