Sep 3 2010
Celator Pharmaceuticals, a privately held pharmaceutical company developing new and more effective therapies to treat cancer based on the company's proprietary technology, today announced that it raised $20 million in a Series D private equity financing.
Proceeds will support completion of ongoing clinical trials and activities related to advancing the company's lead investigational product, CPX-351 (Cytarabine:Daunorubicin) Liposome Injection as a treatment for Acute Myeloid Leukemia (AML).
The round was led by a new investor, Thomas, McNerney & Partners, with participation by current investors Domain Associates, Ventures West Capital, Quaker BioVentures, TL Ventures, GrowthWorks Capital, and BDC Venture Capital.
"We are extremely pleased to attract a new investor of this caliber along with the continued support of our existing investors," said Scott Jackson, chief executive officer, Celator Pharmaceuticals. "This financing is an endorsement of the team, products, and technology of the company. Earlier this year we announced that CPX-351 achieved a statistically significant improvement in complete remissions in newly diagnosed, elderly AML patients compared to the standard of care in a randomized Phase 2 study. We look forward to disclosing these results and other data later this year."
In addition to Celator's clinical stage product pipeline that includes CPX-351 and CPX-1 (Irinotecan:Floxuridine) Liposome Injection, the company has research collaborations with Cephalon and the National Cancer Institute's Nanotechnology Characterization Laboratory.
Joining Celator's Board of Directors is Alex Zisson, partner, Thomas, McNerney & Partners. "It's rare to get the opportunity to invest in a cancer company that has already beaten the gold standard head-to-head in a first-line setting. We're excited to join Celator now as it advances an important new treatment option for patients suffering from AML," said Mr. Zisson.
Source: http://www.celatorpharma.com/