Tuesday, July 15, 2008

Collegium Pharma secures $20M in Series D

By Mass High Tech Staff

Specialty pharmaceutical company Collegium Pharmaceutical Inc. reports that it has closed a $20 million Series D round of financing.

Cumberland, R.I.-based Collegium attracted the funding from Seattle-based Frazier Healthcare Ventures, Boston-based Boston Millennia Partners and Boston-based Westfield Capital Management Co. LLC. As part of the deal, Frazier general partner Patrick Heron has joined the Collegium board of directors, company officials said.

The proceeds from the financing will be used primarily to support the development of Collegium’s lead DETERx product candidate, which is under clinical development. The company plans to file a new drug application and has received fast track designation from the U.S. Food and Drug Administration, officials said.

Collegium Pharmaceutical, which was founded in 2002, specializes in the development of proprietary, late-stage pharmaceutical products.

Last year, the FDA accepted the company’s investigational new drug application for an opioid pain-killer drug that Collegium reported was less likely to be abused than other opiate drugs.