Civitas Therapeutics will use $38 million in new financing for continued development of its CVT-301 inhaled L-dopa through Phase 3 clinical trials, the company has announced. A Phase 2B study of the drug, which is delivered using the Arcus DPI, was initiated earlier this month.
Civitas is developing the Arcus API-only dry powder formulation of levodopa for the treatment of Parkinson’s disease. In June 2013, the Michael J. Fox Foundation for Parkinson’s Research awarded a $1 million grant to Civitas for development of CVT-301, the second grant from that organization.
The company added that it will also “explore additional opportunities to leverage the Arcus platform for other disease states where the potential to deliver a large, precise dose of a drug — independent of inspiratory flow rate — from a simple, breath actuated device, would provide a significant clinical advantage.”
Civitas CEO and Co-founder Glenn Batchelder commented, “The strength and diversity of this investor group provides a robust foundation for achieving our vision of developing proprietary Arcus-based therapeutics to improve outcomes for patients. We are pleased that our new investors recognized the significant value that has been created since our initial financing, and we are excited to have their input and support as we further develop our lead program along with the broader pipeline.”
As part of the financing deal, Rajeev Shah, Partner at RA Capital, a new investor, and Rob Hopfner, Partner at Bay City Capital, the lead investor for the round, will join the Civitas board of directors.
Read the Civitas press release.
