Business

Civitas Therapeutics secures $38m

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.

Advertisement

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.

Chris Reidy can be reached at reidy@globe.com.
Loading comments...
Real journalists. Real journalism. Subscribe to The Boston Globe today.
We hope you've enjoyed your free articles.
Continue reading by subscribing to Globe.com for just 99¢.
 Already a member? Log in Home
Subscriber Log In

We hope you've enjoyed your 5 free articles'

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week
Marketing image of BostonGlobe.com
Marketing image of BostonGlobe.com