By Jennifer Chiou
New York, July 28 - Altea Therapeutics said it raised over $30 million in series C financing led by Aperture Venture Partners.
Other investors included Domain, Venrock, vSpring Capital, KBC, Quilvest, CX Ventures and Rockport Ventures.
"Altea Therapeutics will use the proceeds to continue the clinical development of our lead products for pain management and diabetes control. These funds will also support the further development of processes for the fabrication of our commercial products," president and chief executive officer Eric Tomlinson said in a news release.
The company also announced Paul E. Tierney, Jr., managing partner of Aperture Venture Partners, and Ruth Devenyns, senior investment manager at KBC Investco, have joined its board.
"Altea Therapeutics has made impressive progress in developing a convenient method for the sustained delivery of proteins and water-soluble drugs across the skin. The company's achievements to date set the stage for future success," Tierney said in the release.
Based in Tucker, Ga., Altea Therapeutics is a private pharmaceutical company that makes transdermal drug delivery patches for typically injected medicines.
Its PassPort transdermal system, in Phase II clinical trials, continuously delivers proteins and water-soluble drugs through the skin.
| Issuer: | Altea Therapeutics
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| Issue: | Preferred stock
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| Amount: | $30 million
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| Round: | Series C
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| Investors: | Aperture Venture Partners (lead), Domain, Venrock, vSpring Capital, KBC, Quilvest, CX Ventures, Rockport Ventures
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| Announcement date: | July 28
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