You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

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.

Continue reading below

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.

You have reached the limit of 10 free articles in a month

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