Cerulean socks away $10M, names Ryan as new CMO

By Mass High Tech Staff

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Nanotech-focused Cerulean Pharma Inc. has closed a $10 million Series B-1 funding round, featuring participation from existing investors Polaris Venture Partners of Waltham, Bessemer Venture Partners of Wellesley, and Venrock and Lux Capital, both of New York.

At the same time, Cerulean said it has tapped Wyeth vet John Ryan to serve in a consulting role as acting chief medical officer. Most recently, Ryan served as CMO at Aveo Pharmaceuticals Inc., in Cambridge

Cerulean officials say the company will use the funds to move its nanoparticle drug IT-101 further into clinical development. That drug was licensed from Calando Pharmaceuticals Inc. last month.

Also getting a boost from the new funds will be Cerulean’s other nanoparticle-based drugs, which will advance in their preclinical development stages.

Ryan has more than 20 years of experience in clinical research and development at Wyeth, the former Genetics Institute, and Merck Research Laboratories. Prior to jumping into the pharmaceutical industry, Ryan held associate professorships at the University of Pennsylvania School of Medicine and Yale University School of Medicine.

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