Altea Therapeutics, which is developing patches that can be used for continuous delivery of drugs as an alternative to injections, has closed on $30 million in Series C investments.
Altea owns a patented transdermal system for drug delivery called PassPort. The company said funds would be used for further clinical development.
Altea already owns 13 patents and is pursuing 26 others.
Aperture Venture Partners led the new round. Also participating were Domain, Venrock and vSpring Capital, which had participated in the B round investment. Other investors include KBC, Quilvest, CX Ventures and Rockport Ventures.
As part of the investment, Paul Tierney, Jr., managing partner of Aperture, and Ruth Devenyns, senior investment manager at KBC Investco, were named to Altea’s board of directors.
“Altea Therapeutics will use the proceeds to continue the clinical development of our lead products for pain management and diabetes control,” said Eric Tomlinson, chief executive officer of Altea Therapeutics. “These funds will also support the further development of processes for the fabrication of our commercial products.”
Altea is currently conducting Phase 2 clinical trials for a patch to use in drug delivery for severe pain relief. A patch for use in insulin delivery for diabetics is also underway.
“Altea Therapeutics is creating a diversified pipeline of products that exploit its patented breakthrough transdermal technology,” Devenyns said in a statement. “The Company’s strategy of entering into late-stage development and commercialization arrangements with major pharmaceutical companies is appealing, and we are pleased to be part of the Company’s future.”