Friday, July 25, 2008

Cara Therapeutics collects $12.3M in extended Series C

By Mass High Tech Staff

Cara Therapeutics Inc., a Connecticut-based biotech company, says that it has closed on $12.3 million of additional funding to a Series C financing.

New investor Devon Park Bioventures led the round, which included participation by Connecticut Innovations. Previous investors participating in the round included Ascent Biomedical Ventures of New York, Mitsubishi International Corp. and individual investor Wistar Morris.

According to officials, Shelton, Conn.-based Cara received its original $24 million of the Series C round in 2007. The new funds will be used to continue development of both intravenous and oral formulations of Cara’s opioid painkiller, CR845.

Earlier this week, Cara received a patent from the U.S. Patent and Trademark Office for CR845, which is being developed as a treatment for acute and chronic pain of visceral, inflammatory and neuropathic origin, and treatment for itching associated with several diseases and conditions.

Animal studies showed that CR845 was effective in treating pain for up to 18 hours after a single dose, company officials said, in either intravenous, subcutaneous or oral delivery. And, unlike currently marketed opioids, CR845 did not show any signs of addiction in animal models.

Christopher Moller, general partner at Devon Park Bioventures, will be added to Cara’s board of directors.