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Clarus Backs Michigan Biotech

Clarus Ventures, a Cambridge, MA-based venture firm, has co-led a $10 million closing of Series A round of financing for biotech startup Lycera, of Ann Arbor, MI, according to the company. Lycera—which is developing chemical drugs for autoimmune diseases based on discoveries at the University of Michigan and New York University School of Medicine—says that the other firms that co-led the financing include InterWest Partners and ARCH Venture Partners. Previous backer EDF Ventures also invested in the round. Lycera expects to raise of total of $36 million in its first round of venture capital.