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Civitas spins out Alkermes' inhaled drug tech with $20M financing

Mon, 01/10/2011 - 4:38am
Mass High Tech: The Journal of New England Technology

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.

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