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Cortria Corp., a Boston-based developer of cardiovascular drugs, has issued $4.5 million in private equity and has so far raised $1.8 million.
Cortria’s first drug candidate, TRIA-662, is currently in Phase 2 clinical development and targets atherogenic cardiovascular disease. Company officials say that the potential drug will have fewer side effects than those currently on the market.
Founded in 2005, Cortria is backed by San Diego-based venture firm Domain Associates and MVM Life Sciences, based in Boston and London, and was first financed in late 2006. The company, which had just under 10 full-time worker as of mid-April in 2009, operates virtually in various locations, with its clinical operations outsourced. Cortria CEO Daniel Grau said about the company’s virtual operations, “To some venture capital investors, it is becoming attractive due to its greater capital efficiency.”
Last September, Cortria formed its first scientific advisory board, and last July, it brought in Grau as CEO and Richard King as director.
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