Metastatix, a two-year-old drug development startup, has closed on $20 million in Series B financing, Private Equity Hub reported on Monday.
PE Hub cited a regulatory filing as the source for its information.
The Aurora Funds in Durham, N.C. is a backer of Metastatix and participated in the B round.
Frazier Healthcare Ventures led the round. Also participating were Frazier Healthcare Ventures, H.I.G. Ventures, S.R. One, the Georgia Tech Advanced Technology Development Center, CM Capital, MedImmune Ventures, Georgia Venture Partners and Centrosome Ventures.
In September of 2006, Metastatix raised a $3.6 million A round, with H.I.G. Ventures leading. Aurora was among the other investors in that round.
Metastatix was founded in 2005. The company’s technology is licensed from Emory University. The firm is targeting HIV and cancer.
As its name implies, the company targets cancer that has metastasized, or spread. According to the company, Metastatix’s lead compound is able to inhibit both primary tumor growth as well as prevent metastasis.
The technology was developed at Emory by Dr. Dennis Liotta. Liotta discovered three drugs that are now commercial, including Gilead’s Emtriva, which part of the world’s top selling HIV cocktail, Truvada. Gilead purchased the royalty interest to Emtriva from Emory for a one-time cash payment of $525 million in 2005.
