Tuesday, April 22, 2008

Cambria changes name, announces $5.4M VC round

Woburn biotech firm Cambria Biosciences LLC has raised a Series A round of venture capital and changed its name to Cambria Pharmaceuticals Inc.

Cambria said it has closed a $5.4 million first round of venture capital, with Cambridge biotech powerhouse Biogen Idec Inc. and CommonAngels listed as investors. Federal documents show that the company had collected $4.35 million of the round as of last month. The company is focused on developing small-molecule drugs for such neurological diseases as ALS (amyotrophic lateral sclerosis), or Lou Gehrig's disease, and Parkinson's disease. Last fall, it announced it had a $3.5 million contract from The ALS Association, a nonprofit based in Calabasas Hills, Calif., to develop treatments for the disease. Last summer it reported it had entered into a research collaboration with Pfizer Animal Health, the veterinary products arm of Pfizer Inc., to develop new drug products to fight parasites such as fleas and ticks.

Cambria Pharmaceuticals' first round of venture funding comes nearly 10 years after its December 1998 incorporation date. The firm has been funded through grants from the National Institutes of Health and private foundations.