Cara Therapeutics Inc., a Tarrytown, N.Y.-based biotech company focused on pain and inflammation, has raised $12.3 million in additional Series C funding. It had previously raised $24 million.
Devon Park Bioventures led the new tranche, and was joined by Connecticut Innovations and return backers Ascent Biomedical Ventures, Mitsubishi International Corporation and Wistar Morris. Other company shareholders include Scottish Windows, MVM Life Science Partners and Alta Partners.
Cara Therapeutics, Inc. announced today that it had closed on $12.3 million of additional funding to its original $24 million Series C financing which was completed in 2007. The round was led by new investor, Devon Park Bioventures, and included participation by Connecticut Innovations. Previous investors participating in the round included; Ascent Biomedical Ventures, Mitsubishi International Corporation and Wistar Morris. In conjunction with the financing, Dr. Christopher Moller, General Partner at Devon Park Bioventures, will join Cara’s Board of Directors. The additional funds will be used primarily for further clinical development of both intravenous and oral formulations of Cara’s second generation peripherally-selective kappa opioid agonist, CR845.
In preclinical studies, CR845 was highly selective for the peripheral kappa opioid receptor. Animal studies indicate that CR845 is effective in reducing pain of inflammatory, neuropathic and visceral origin. The analgesic and anti-inflammatory effects of CR845 lasted for up to 18 hours after a single dose. CR845 was active after intravenous, subcutaneous, or oral administration. Preclinical studies also indicate that CR845 possesses anti-itch properties. Unlike currently marketed opioids, CR845 did not inhibit intestinal transit (ileus), impair breathing or elicit signs of addiction in animal models. CR845 is currently completing Phase Ia studies.
About Cara Therapeutics
Cara Therapeutics is a privately held biotechnology company focused on developing novel, superior therapeutics to treat pain and inflammation associated with diverse medical conditions. Cara’s current pipeline includes near-term clinical drug candidates within multiple classes of peripherally-acting analgesics. Cara also plans to develop entirely novel classes of analgesics that emerge from its proprietary GPCR DimerScreenTM technology.
Certain statements in this press release are forward-looking statements that involve a number of risks and uncertainties. Such forward-looking statements include statements relating to the therapeutic applications of CR845 and about Cara’s strategy, technologies, pre-clinical and clinical programs, and ability to identify and develop drugs, as well as other statements that are not historical facts. Actual events or results may differ materially from Cara’s expectations. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, the timing, success and cost of Cara’s research and clinical studies and Cara’s ability to obtain additional financing. These forward-looking statements represent Cara’s judgment as of the date of this release. Cara disclaims any intent or obligation to update these forward-looking statements.