Longitude Capital Invests $20 Million in Series A Funding Round for Civitas Therapeutics

Based in Chelsea, Massachusetts, Civitas Therapeutics is a pharmaceutical company which develops novel therapies for pulmonary diseases and Parkinson’s disease. On January 10, 2011, the company has announced that it has closed $20 million in series A funding from founding investor, Longitude Capital leading the funding round. Other investors include Canaan Partners, who co-led the funding round with Longitude Capital.

Proceeds of the funding are to go to develop novel treatments for Parkinson’s disease by a pulmonary delivery system. Parkinson’s patients will be inhaling a powder which delivers powerful medications to counter balance the devastating affects that Parkinson’s disease can cause. The therapies that Civitas is developing are spun off from Alkermes and related technologies.

According to the founder and CEO of Civitas, Glenn Batchelder, Civitas has a increadible opportunity to develop and validate this amazing proprietary drug provided by Alkermes, Inc. and to have it open for commercial sale as well. Mr. Batchelder further added that he is excited to have one of the cofounders of this revolutionary technology on his team. He then added even further that the company is fortunate to have a powerful group of syndicated investors, who do not only provide funding, but also the knowledge and experience in product development of this type.

Dr. James Wright, PhD., founder and chairman of the Science Advisory Board, further added that he believes that the pulmonary technology which Civitas provides will deliver patients the quality of treatment. Not only can this pulmonary technology affect patients suffering from Parkinson’s disease, but can also dramatically improve the standard of care and quality of life of patients with other serious diseases as well. Dr. Wright also added that he is very excited to be able to help with delivering this pulmonary delivery systems to other important medical products.

More praises were given by the CEO of Alkermes, Inc., Richard Pops, who also added that he is very excited to have a group of highly committed and focused scientists working on this revolutionary pulmonary technology for the delivery of a wide variety of medicines and therapies. Mr. Pops further added that this technology, which is being improved by Civitas and originally developed by Alkermes.

Canaan Partners is a large multinational investment firm that primarily invests in worldclass healthcare and technology companies. Canaan Partners has offices in the United States, India, and Israel. After being founded in 1987, Canaan Partners went on to achieve over 83 acquisitions and 52 IPOs. Some other companies in Canaan’s portfolio include Double Click, iYogi, Marinus Pharmaceuticals, Xirrus, ReVisOptics, Acme Packet, Cerexa, N24, and others.

Longitude Capital is a vc firm that primarily invests in companies that either create or develop medical devices, biomedicine, and pharmaceuticals. Longitude was founded in 2006 and has as of 2008 raised over $325 million in funds. The firm has offices in both Menlo Park, California, and Greenwich, Connecticut. Some other companies in Longitude’s portfolio include Amarin, Aptus, PixelOptics, and others.