Cardeas Pharma, a biotechnology company led by Seattle biotech entrepreneur Bruce Montgomery, has reeled in $5 million in venture financing from Novo Ventures, Avalon Ventures, WRF Capital and others, reports Xconomy. The round is expected to close with up to $7.5 million.
Montgomery is a well regarded biotech leader, having previously sold Corus Pharma to Gilead Sciences for $365 million and serving as vice president of research at PathoGenesis.
It is unclear what type of drug Cardeas is working on, though WRF Capital’s Thong Le tells Xconomy that it involves a licensing deal with a company where Montgomery previously worked.
Montgomery most recently served as senior vice president of Gilead’s respiratory drug division, but stepped down from that role last year.
Update: WRF’s Capital confirmed the financing round, and told GeekWire:
“We are not just betting on Bruce. We are also betting on Melissa Yeager and a small development team that we have previously backed before in the past. Bruce, Melissa and the team at Cardeas Pharma represent one of the most talented group of executives that we have worked with who know how to clinically develop new products and know how to work collaboratively with the FDA to get them to patients rapidly and cost-effectively.”