Civitas Therapeutics Inc., a Chelsea-based biopharmaceutical company, announced the completion of a $38 million Series B financing.
Civitas plans to use the proceeds for the late-stage clinical development of its lead drug program, CVT-301, an inhaled formulation of levodopa, also known as L-dopa, for relief from symptoms of Parkinson’s disease.
Bay City Capital led the round and was joined by new investors RA Capital and another undisclosed public investment fund, along with participation from all existing investors including Alkermes PLC, Canaan Partners, Fountain Healthcare Partners, and Longitude Capital, Civitas said in a press release.
L-dopa is widely recognized as the most efficacious treatment for Parkinson’s disease symptoms. But the reliability of L-dopa formulations taken orally is compromised by delayed and unpredictable absorption. According to Civitas, the inhaled formulation of it is working on has the potential to be far more effective in managing chronic symptoms of Parkinson’s disease.