Nanotechnology Now

Our NanoNews Digest Sponsors
Heifer International



Home > Press > Cerulean Pharma Inc. Closes $10 Million Series B-1 Financing

Abstract:
Company Appoints Acting Chief Medical Officer, John Ryan, to Advance Clinical Trial with Lead Nanopharmaceutical Product Candidate

Cerulean Pharma Inc. Closes $10 Million Series B-1 Financing

Cambridge, MA | Posted on July 28th, 2009

Cerulean Pharma Inc., a biopharmaceutical company focused on novel intelligently designed nanoparticle-based drugs, today announced that it has closed a $10 million Series B-1 financing. Existing venture investors Polaris Venture Partners of Waltham, MA, Venrock of New York, NY, Lux Capital of New York, NY, and Bessemer Venture Partners of Wellesley, MA all participated in the financing round.

Cerulean intends to use the proceeds from the financing to advance the clinical development of IT-101, a cyclodextrin-based camptothecin nanoparticle recently in-licensed from Calando Pharmaceuticals, Inc., and to accelerate the preclinical development of nanoparticle-based drugs using both Cerulean's pre-existing nanoparticle-based technology as well as the in-licensed cyclodextrin-based nanoparticle technology. The cyclodextrin-based nanoparticle technology was originally developed at the California Institute of Technology and is being accessed by the Company through its license from Calando.

"We believe that Cerulean has the potential to transform the efficacy and safety of drugs based on advancements in nanotechnology. The ability to generate multiple competitively advantaged product candidates based on the original Cerulean nanotechnology platform creates a compelling value proposition which has been further strengthened by the in-licensing of the cyclodextrin platform and IT-101 as a clinical stage drug candidate," said Alan Crane, Chairman of Cerulean's Board of Directors and General Partner of Polaris Venture Partners.

In conjunction with its planned clinical advancement of IT-101, Cerulean also announced the appointment of John Ryan, Ph.D., M.D. to serve in a consulting role as Acting Chief Medical Officer, effective immediately. Dr. Ryan has more than 20 years of experience in clinical research and development at Wyeth, the former Genetics Institute, and Merck Research Laboratories. Most recently, Dr. Ryan served as Chief Medical Officer at AVEO Pharmaceuticals, Inc., in Cambridge, MA where he focused on building a clinical group for the development of oncology drugs. Prior to working in clinical development in the pharmaceutical industry, Dr. Ryan held Associate Professorships at both the University of Pennsylvania School of Medicine and Yale University School of Medicine. He holds a Ph.D. in Molecular Biophysics from Yale University and an M.D. from the University of California at San Diego.

"The financing and the appointment of Dr. Ryan will assist us in advancing IT-101 well into clinical development. We also expect to progress additional nanopharmaceuticals with the potential to substantially improve therapeutic utility over existing cancer chemotherapies, thus proving that our platform can be used as an engine for generating product candidates," said Dr. Oliver Fetzer, President and CEO of Cerulean.

####

About Cerulean Pharma
Cerulean Pharma Inc. is a privately-held biopharmaceutical company focused on the development of novel nanotechnology-based therapeutics in the areas of oncology, cardiovascular, autoimmune and inflammatory diseases. The Company has assembled a world-class management team, board of directors and scientific advisory board that collectively have a significant track record of business building, product development and scientific breakthroughs from companies and institutions such as Cubist, GlaxoSmithKline, Merck, Millennium Pharmaceuticals, Inc., Pfizer, Wyeth, the Massachusetts Institute of Technology, Harvard Medical School, MD Anderson, Fox Chase Cancer Center and the Arizona Health Center. The company has been funded by leading investors Polaris Venture Partners, Venrock, Lux Capital, Bessemer Venture Partners, Alexandria Real Estate Equities, and William H. Rastetter. Cerulean is located in Cambridge, Massachusetts.

For more information, please click here

Contacts:
Yates Public Relations
Kathryn Morris, 845-635-9828

Copyright © Business Wire

If you have a comment, please Contact us.

Issuers of news releases, not 7th Wave, Inc. or Nanotechnology Now, are solely responsible for the accuracy of the content.

Bookmark:
Delicious Digg Newsvine Google Yahoo Reddit Magnoliacom Furl Facebook

Related News Press

News and information

Virginia Tech physicists propose path to faster, more flexible robots: Virginia Tech physicists revealed a microscopic phenomenon that could greatly improve the performance of soft devices, such as agile flexible robots or microscopic capsules for drug delivery May 17th, 2024

Gene therapy relieves back pain, repairs damaged disc in mice: Study suggests nanocarriers loaded with DNA could replace opioids May 17th, 2024

Shedding light on perovskite hydrides using a new deposition technique: Researchers develop a methodology to grow single-crystal perovskite hydrides, enabling accurate hydride conductivity measurements May 17th, 2024

Oscillating paramagnetic Meissner effect and Berezinskii-Kosterlitz-Thouless transition in cuprate superconductor May 17th, 2024

Investments/IPO's/Splits

Daikin Industries becomes OCSiAl shareholder July 27th, 2021

180 Degree Capital Corp. Reports +14.2% Growth in Q1 2021, $10.60 Net Asset Value Per Share as of March 31, 2021, and Developments From Q2 2021 May 11th, 2021

INBRAIN Neuroelectronics raises over 14M to develop smart graphene-based neural implants for personalised therapies in brain disorders March 26th, 2021

180 Degree Capital Corp. Issues Second Open Letter to the Board and Shareholders of Enzo Biochem, Inc. March 26th, 2021

Nanomedicine

Virginia Tech physicists propose path to faster, more flexible robots: Virginia Tech physicists revealed a microscopic phenomenon that could greatly improve the performance of soft devices, such as agile flexible robots or microscopic capsules for drug delivery May 17th, 2024

Diamond glitter: A play of colors with artificial DNA crystals May 17th, 2024

Advances in priming B cell immunity against HIV pave the way to future HIV vaccines, shows quartet of new studies May 17th, 2024

New micromaterial releases nanoparticles that selectively destroy cancer cells April 5th, 2024

Announcements

Virginia Tech physicists propose path to faster, more flexible robots: Virginia Tech physicists revealed a microscopic phenomenon that could greatly improve the performance of soft devices, such as agile flexible robots or microscopic capsules for drug delivery May 17th, 2024

Diamond glitter: A play of colors with artificial DNA crystals May 17th, 2024

Finding quantum order in chaos May 17th, 2024

Oscillating paramagnetic Meissner effect and Berezinskii-Kosterlitz-Thouless transition in cuprate superconductor May 17th, 2024

Appointments/Promotions/New hires/Resignations/Deaths

The National Space Society Mourns the Passing of Robert Krone, Founder of the Kepler Space Institute: Krone's Visionary and Humanistic Approach to the Study of Space Communities and Settlement Was Unique September 22nd, 2021

Leibniz Prize winner Professor Dr. Oliver G. Schmidt moves to Chemnitz University of Technology: President Professor Dr. Gerd Strohmeier refers to an 'absolute top transfer' September 10th, 2021

JEOL USA Welcomes New Managing Director, Hidetaka Sawada April 19th, 2021

The National Space Society Remembers Ben Bova : NSS Mourns the Loss of a Visionary NSS Leader December 2nd, 2020

Nanobiotechnology

Diamond glitter: A play of colors with artificial DNA crystals May 17th, 2024

Advances in priming B cell immunity against HIV pave the way to future HIV vaccines, shows quartet of new studies May 17th, 2024

New micromaterial releases nanoparticles that selectively destroy cancer cells April 5th, 2024

Good as gold - improving infectious disease testing with gold nanoparticles April 5th, 2024

NanoNews-Digest
The latest news from around the world, FREE




  Premium Products
NanoNews-Custom
Only the news you want to read!
 Learn More
NanoStrategies
Full-service, expert consulting
 Learn More











ASP
Nanotechnology Now Featured Books




NNN

The Hunger Project