Massachusetts-based Catabasis Pharmaceuticals raised an additional $8 million in its Series A financing, now bringing its total funding for the round to $47.6 million. The company is developing an omega-3 conjugated compound for patients with severe hypertriglyceridemia. SV Life Sciences, Clarus Ventures, MedImmune Ventures and Advanced Technology Ventures all participated in the funding.
Today, Cambridge-based Catabasis Pharmaceuticals announced it has received an additional $8 million in Series A financing, bringing the total amount raised in its Series A to $47.6 million.
The new funding will be used to accelerate the development of CAT-2003, the company’s omega-3 conjugated compound for patients with severe hypertriglyceridemia.
Very high triglyceride levels, also known as severe hypertriglyceridemia, are a risk factor for acute pancreatitis. Jill C. Milne, Ph.D., chief executive officer and co-founder of Catabasis is available for interviews to discuss the additional funding and the progress being made with CAT-2003.
All current investors participated in the financing, including SV Life Sciences, Clarus Ventures, MedImmune Ventures and Advanced Technology Ventures.
In October, Catabasis announced the initiation of a clinical trial of CAT-1004, a new chemical entity that is a conjugate of the essential omega-3 fatty acid docosahexaenoic acid (DHA) and salicylate. The compound targets inflammation and is being developed to treat patients with type 2 diabetes. Currently, there are no drugs on the market for diabetes that are directed at inflammation.