APT Pharma garners $32.5M to complete lung study

John Carroll — Tue, 30 Sep 2008 11:19:07 -0400

APT Pharmaceuticals has completed a $32.3 million Series B financing. The round was led by Three Arch Partners and joined by additional new investors InterWest Partners and Pinnacle Ventures. Existing investors Charter Life Sciences, Great Point Partners, Versant Ventures and Vivo Ventures also participated in the round.

Much of the money is earmarked to complete APT's pivotal Phase III program evaluating the safety and efficacy of cyclosporine inhalation solution following lung transplantation. The Series B financing will also fund further development of the company's pipeline programs in serious lung diseases.

"With this latest financing, we have the team, the strategy and the financial backing necessary to bring inhaled cyclosporine to market and to become a profitable company," explained Dr. Stephen Dilly, president and CEO of APT Pharmaceuticals. "The support of a group of premier life sciences investors clearly validates our business model and our recent achievements which is especially gratifying during this uncertain time in the financial markets."

- check out the APT release

InterWest closes $650M fund

Maureen Martino — Mon, 11 Aug 2008 21:11:37 -0400

Life science VC firm InterWest Partners has closed a $650 million fund. The money will be invested in emerging life sciences and information technology investments. The group aims to invest in 25 to 30 new companies, and will focus on early-stage companies in the U.S.

"For 29 years InterWest has been making successful investments by combining the deep domain experience of our investment team with the vision of outstanding entrepreneurs," said Dr. Arnold L. Oronsky, general partner at InterWest. "We take pride in our collaborative approach to working with portfolio companies to develop important life sciences and IT products that produce thriving businesses." In addition to closing the fund, InterWest announced that Chris Ehrlich, Nina Kjellson and Doug Pepper have been promoted to general partner.

- check out InterWest's release