Serentis closes L10M financing

Serentis, a privately owned biopharmaceutical company based in Cambaridge, UK, has closed a L10.0 million ($19.2 million) financing, expanding the total of its series A funding to L15.3 million. The proceeds will be used to advance and expand Serentis' dermatology pipeline.

In July 2007, Serentis announced a L10.3 million series A financing co-led by founding investors MVM Life Science Partners, Apposite Capital and Denmark's Novo A/S. The planned second tranche of L5.0 million has been expanded to L10.0 million, supported by the same co-lead investors and new investor Healthcare Private Equity, the Scottish Widows health care venture fund. East Hill, the Boston-based venture capital firm which became a shareholder in Serentis following the acquisition of Surface Therapeutics in September 2007, also participated in the round.