Nitec closes 32.0M SwFr fundraising round
Switzerland-based specialist pharmaceutical company Nitec Pharma AG says that it has completed a second 32.0 million Swiss franc ($26.0 million) series B fundraising round. The company added the financing had been led by NGN Capital, as well as existing investors Atlas Venture and Global Life Science Ventures.
The firm said that it would use the proceeds to further the development of its lead rheumatoid arthritis drug candidate Lodotra, an orally administered low-dose prednisone formulation that is currently being assessed in Phase III clinical trials. In addition, the company said that it would use some of the funds to develop a second clinical product, but did not provide details.
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