Cerulean closes $24m financing
Cerulean Pharma Inc., a Cambridge company specializing in nanopharmaceuticals, said it has closed a $24 million Series C financing.
The financing was led by Lilly Ventures, the venture capital arm of the drug maker Eli Lilly and Co., and Steve Hall, a venture partner at Lilly Ventures, has joined Cerulean’s board of directors. Other investors included Polaris Venture Partners, Venrock, Lux Capital, and Bessemer Venture Partners. Polaris has an office in Waltham, and Venrock and Bessemer have offices in Cambridge.
Cerulean said it plans to use the financing proceeds to advance its drug candidates through the pipeline. One nanopharmaceutical drug candidate in tests is CRLX101, a potential treatment for non-small cell lung cancer. The company said the proceeds will also be used to apply its technology to the delivery of RNA based therapeutics.
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