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Ceruluean Pharma Inc. has rounded up a $15 million Series D funding to support its tumor-targeted nanopharmaceutical development.
The Cambridge company’s investment brought in new lead backer CVF LLC, with additional financing from return investors Polaris Venture Partners, Venrock, Lilly Ventures, Lux Capital and Bessemer Venture Partners.
Cerulean said in a news release today that it plans to use proceeds from the funding round to complete its Phase 2 clinical trial of its main drug candidate CRLX101, its intended treatment for non-small cell lung cancer (NSCLC). Funding will also aid expansion of CRLX101’s planned indications at university-affiliated hospitals. Cerulean also noted its plans to develop RNA-based therapeutics and to bring its docetaxel nanopharmaceutical drug target to trials.
As part of the Series D round, Lux Capital co-founder and managing partner Robert Paull – chosen by both Lux Capital and CVF – will join Cerulean’s board of directors.
The company’s Series C round, which closed in November 2010, raised $24 million, led by Lilly Ventures. Those proceeds helped it launch Phase 2 trials for CRLX101.
Cerulean Pharma began dosing its first patients in July for the Phase 2 clinical trial of CRLX101, with the goal of measuring the efficacy and safety of the drug candidate in advanced NSCLC patients whose disease has progressed after one or two prior regimens of therapy.
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