Thursday, July 17, 2008

Biotech firm Peptimmune secures $8.9M in Series D

By Mass High Tech Staff

Peptimmune Inc. reports it has landed $8.9 million in a second close of a Series D preferred stock offering.

New Enterprise Associates, MPM Capital, Hunt Ventures L.P., Boston Medical Investors, Silicon Valley Bank Capital and Peptimmune chairman of the board Frederic Price participated in the financing.

Cambridge-based Peptimmune said it would use the financing to evaluate PI-2301, the company’s drug intended to treat multiple sclerosis. Peptimmune said it is conducting Phase Ib clinical trials to demonstrate the safety, tolerability, pharmacokinetics and pharmacodynamics of PI-2301 in patients with secondary progressive multiple sclerosis.

Following those trials, Peptimmune plans to initiate a Phase II study in patients in 2009, the company said.

In January, Peptimmune closed on the $8.2 million first tranche of the Series D funding.