CombinatoRx Raises $30 Million in Third Venture Capital Round

Strategic Insights -

CombinatoRx, a biopharmaceutical company, has announced that it has raised $30 million in its third venture capital round. The funding includes investments from several prominent investors, including Boston Millennia Partners, who led the round and added a representative to the company's board. This significant investment will be used to progress multiple programs from the CombinatoRx pipeline through the clinic.

The company's President and CEO, Alexis Borisy, stated that the funds from this financing will be used to accelerate the development of the company's pipeline, while also welcoming Pat Fortune to the board of directors. Fortune's extensive experience in the healthcare industry and his entrepreneurial expertise will be valuable in advancing the CombinatoRx approach.

During the last year, CombinatoRx has made significant progress, initiating clinical evaluation of three novel programs in oncology and inflammatory diseases. The company has also received its first product patent, published its first peer-reviewed publication in the Proceedings of the National Academy of Sciences, and strengthened its management team with the appointment of key executives.

Key Takeaways:

  • CombinatoRx has raised $30 million in its third venture capital round, led by Boston Millennia Partners.
  • The funding includes investments from several prominent investors, including Easton Hunt Capital Partners and Yasuda Enterprise Development.
  • CombinatoRx will use the funds to progress multiple programs from its pipeline through the clinic.
  • The company's pipeline includes treatments in development for cancer, rheumatoid arthritis, and other diseases.
  • CombinatoRx has made significant progress in recent years, including the initiation of clinical evaluation of three novel programs and the receipt of its first product patent.
  • The company has also published its first peer-reviewed publication in the Proceedings of the National Academy of Sciences.
  • Pat Fortune, a Partner at Boston Millennia, joins the CombinatoRx board of directors, bringing extensive experience in the healthcare industry and entrepreneurship.

Statistics:

  • $30 million raised in CombinatoRx's third venture capital round.
  • CombinatoRx has raised a total of $120 million in venture capital.
  • The company has 13 programs in its pipeline, including treatments for cancer and rheumatoid arthritis.
  • CombinatoRx has received its first product patent.
  • The company has published its first peer-reviewed publication in the Proceedings of the National Academy of Sciences.

Sources:

  • CombinatoRx: Private company creating novel combination medicines.
  • Boston Millennia Partners: Private equity investment partnership managing over $700 million in capital.