Shelton-based Cara Therapeutics has received the third investment from Connecticut Innovations since it relocated to the state just over two years ago from Tarrytown, N.Y.
Connecticut Innovations, the state”™s quasi-public authority responsible for technology investing and innovation, made the recent investment of more than $280,000 in Cara Therapeutics Inc.
“We are very pleased to further benefit from CI”™s ongoing commitment to bioscience funding in Connecticut,” said Derek Chalmers, president and CEO of Cara Therapeutics. “This important financing provides the company with the necessary capital to move forward with Phase 2 multi-dose patient trials of our most advanced clinical compound in the coming year.”
CI”™s investment is part of a $15 million round of investments led by Rho Ventures of New York City. Other participants in the funding round include Alta Biopharma Partners, Ascent Biomedical Ventures, Devon Park Bioventures and MVM Life Science Partners.
In 2007, CI invested $4 million toward Cara”™s 41,000-square-foot facility when it relocated to Shelton. The company spent its first two years in Tarrytown.
“Since Cara Therapeutics relocated to Connecticut three years ago, it has invested significant capital here to advance its promising drug candidates,” said Gov. M. Jodi Rell.
Cara is a biotechnology company focused on developing novel therapeutics to treat pain and inflammation associated with human diseases.
“The company”™s technology addresses an important, multibillion-dollar market for pain-management pharmaceuticals and has potential to offer effective solutions with fewer side effects to the 100-plus million patients who suffer from acute or chronic pain annually,” said Peter Longo, president and executive director of CI.
Cara”™s compound, CR845 is currently undergoing clinical testing for acute pain in a post-surgical setting. Cara has in their two years built a patent portfolio of 58 patents issued and 72 pending.
