VC-Backed Busts: Cogentus Pharmaceuticals

#9. Cogentus Pharmaceuticals

Menlo Park, Calif.-based developer of antiplatelet therapies for cardiovascular disease.

The company raised over $62.5 million in total VC funding between 2006 and 2008. Backers included Keffi Group, Prospect Venture Partners, Pinnacle Ventures and Ridgeback Capital.

What happened?
The company filed for Chapter 7 bankruptcy protection in January, after running out of money. Its last round was a large Series C financing two years earlier, which was to be used to fund a 4,000-patient Phase III clinical trial. It’s unclear how far along that effort got before the doors were shut. Company co-founder and CEO Mark Goldsmith has since moved on to become CEO of venture-backed Constellation Pharmaceuticals (none of the same investors).

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