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Cambridge-based nanopharmaceuticals company Cerulean Pharma Inc. has closed a $24 million Series C financing led by Lilly Ventures, and named Steve Hall, a venture partner at Lilly Ventures, to the company’s board.
Cerulean said it will use the funding to take its main drug candidate, CRLX101, into a Phase 2 trial in non-small cell lung cancer, and to move a second drug candidate, CRLX288 into clinical trials.
In addition to Lilly Ventures, all previous investors participated in the round, including Polaris Venture Partners, Venrock, Lux Capital, and Bessemer Venture Partners, according to company officials.
In October, Cerulean placed warrants for securities and took on debt to raise $1.5 million. In 2009, Cerulean closed a $10 million Series B-1 funding round, backed by return investors Polaris, Bessemer, Venrock and Lux Capital.
Cerulean has made a number of high-level changes in recent years, changing its name from Tempo Pharmaceuticals in 2008 and, in 2009, appointing Oliver Fetzer as president and CEO ; John Ryan as senior vice president, chief medical officer ; and Karen Roberts as senior vice president, finance and administration.
Lilly Ventures, which manages $200 million in committed capital, is the investment arm of pharmaceutical giant Eli Lilly and Co.
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