CoLucid Pharmaceuticals, which is developing treatments for migraines, has raised $37.1 million in new venture capital funding with two new investors joining Triangle-based Pappas Ventures.
Current investor TVM Capital Life Science led the round.
New backers include Novo Ventures and Auriga Partners.
Domain Associates, Care Capital, Triathlon Medical Ventures and Pearl Street Ventures also invested in the Series C round as they had previously.
As part of the new deal, Dr. Luc Marengere from TVM Capital Life Science and Dr. Martin Edwards from Novo Ventures. join the CoLucid Board.
CoLucid is developing lasmiditan, an oral drug for migraine treatment and an intravenous treatment that would be administered by healthcare professionals.
“Lasmiditan represents the first new mechanism of action for the acute treatment of migraine in over 20 years. Given its non-vasoconstrictive mechanism of action, lasmiditan has the opportunity to provide effective relief for migraine sufferers without the potential liabilities of vasoconstriction associated with triptans. We are thrilled to have such high quality new investors join our outstanding syndicate,” said Thomas Mathers, CoLucid’s CEO, in announcing the deal Wednesday morning.
