It has been a good week for the Seattle life sciences community. On Monday, Seattle genomics tool maker NanoString Technologies filed for an initial public offering that could raise up to $86 million.
Now, comes word that Cardeas Pharma Corporation, a biopharmaceutical company led by Seattle biotech veteran Bruce Montgomery, has raised $34 million in funding. New investor H.I.G. BioVentures led the deal, with Novo A/S, Avalon Ventures, Devon Park Bioventures and WRF Capital also participating.
As a result of the deal, Aaron Davidson of H.I.G. BioVentures will join the company’s board.
Funds from the round — second in size so far this year in Washington state behind Apptio’s $45 million financing — will be used to support Phase 2 trials for a product that could treat healthcare associated pneumonia. It completed a Phase 1b study in March, presenting findings at the American Thoracic Society International Conference in Philadelphia this week.
“We are pleased to have the support of both new and existing investors in this round of financing. It will enable us to complete a Phase 2 safety and efficacy study of our aerosol combination antibiotics as adjunctive therapy to intravenous antibiotics in patients at high risk for multidrug resistant infections who are on a mechanical ventilator,” said Montgomery, the former CEO of Corus Pharma and executive vice president of research and development at PathoGenesis Corporation.