BioCentury
ARTICLE | Financial News

Alkermes spinout launches with $20 million

January 11, 2011 2:24 AM UTC

Civitas Therapeutics Inc. (Chelsea, Mass.) raised $20 million in a series A round led by Longitude Capital Management and Canaan Partners. Civitas is a spinout of the pulmonary delivery business of Alkermes Inc. (NASDAQ:ALKS). Civitas' lead program in Parkinson's disease is an inhaled formulation of an undisclosed drug already approved for PD. It is being tested as an acute rescue therapy for hypomobility episodes and as a chronic treatment to minimize response fluctuations on oral medications. Alkermes has an undisclosed equity stake in Civitas. ...