Civitas spins out Alkermes' inhaled drug tech with $20M financing
Civitas Therapeutics Inc. has launched in Chelsea with $20 million in Series A funding, spun out of the inhaled drug delivery program at Alkermes Inc.. The new company will use the manufacturing facility in Chelsea that was idled when Eli Lilly pulled out of a deal with Alkermes in 2008.
Backing Civitas as a founding investors is Longitude Capital, which has an office in Greenwich, Conn., and its co-lead Canaan Partners. Running the company is local biotech veteran Glenn Batchelder, who most recently served president and CEO of Bind Biosciences Inc. until late 2009.