Thursday, January 3, 2008

Calistoga Pharma Raises $26.2M in Series A Funds

Seattle-based Calistoga Pharmaceuticals Inc., a developer of medicines that treat cancer and inflammatory diseases, announced Thursday that its initial round of venture financing has increased from $21 million to $26.2 million. Calistoga said the additional money, as well as an accelerated funding timeline, were the result of the company having two of its compounds reach the clinical development stage. Dr. Daryl Winter, Calistoga's chief operating officer, said the funds will advance the potential medicines through as many as four clinical trials. The drugs, he noted, will be tested for efficacy in the treatment of hematological malignancies and inflammatory diseases. Founded in 2006, Calistoga Pharmaceuticals is backed by private equity firms Frazier Healthcare Ventures, Alta Partners, Three Arch Partners, Amgen Ventures and Lilly Ventures. More information »