Thursday, December 4, 2008

Healthcare Ventures, Novartis BioVentures help raise $40M for Catalyst Biosciences

By Mass High Tech Staff

Two Cambridge investment firms, Healthcare Ventures and Novartis BioVentures, participated in a $40.4 million Series C financing round of Catalyst Biosciences Inc., the South San Francisco-based biopharmaceutical firm announced.

The funding was led by Essex Woodlands Health Ventures, with additional funding support from return backers Burrill & Co., Johnson & Johnson Development Corp., Morgenthaler Ventures and Sofinnova Ventures. Per terms of the deal, Jeff Himawan of Essex Woodlands will join the board of directors at Catalyst Biosciences.

Catalyst CEO Nassim Usman said in a press release that the company plans to use the funding to grow its business of engineered proteases known as Alterase therapeutics. Specifically, Catalyst plans to push its CB 813 lead protease, used to treat acute bleeding in hemophiliacs, through Phase 1/2 studies.

Founded in 1985, Healthcare Ventures focuses on life sciences industry investing. The venture capital firm also maintains an office in Princeton, N.J.