HIGH POINT,TransTech Pharma, a privately held drug discovery company, has raised $24.5 million in new investment and has options for another $10 million in 2003, the firm said Thursday.

MacAndrews & Forbes Holdings, which already is the largest stockholder in the company, and research partners Novo Nordisk A/S and Cephalon made the largest investments. MacAndrews & Forbes and other investors have the option to investment an additional $10 million, TransTech said.

The invested funds will be used in part for two Phase 1 clinical trials later this year.

TransTech also is working with Novo Nordisk A/S, Cephalon and SIGA Technologies on other small molecule drug candidates.

TransTech Pharma: www.ttpharma.com