Taris Hires New CEO, Stromedix Hopes Clinical Trial Will Advance, Euthymics Hits the Ground With Series A, & More Boston-Area Life Sciences News

7/23/10Follow @xconomy

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toward sales, marketing, and development.

Mitralign, a developer of catheter-based systems for repairing mitral valves, grabbed a $5 million credit facility from GE Capital. The Tewskbury, MA-based startup will put the funding toward further developing its technology.

—Shelton, CT-based pain medicine developer Cara Therapeutics said it raised a $15 million Series D funding round, led by Rho Ventures. Existing Cara backers Alta Biopharma, Ascent Biomedical Ventures, CT Innovations, Devon Park BioVentures, Healthcare Private Equity, Mitsubishi International, and MVM Life Science Partners also participated in the financing, which brings Cara’s funding pot to more than $43 million.

—Ryan highlighted the cluster of Boston-area life sciences firms that are pursuing treatments for autism spectrum disorders. The group includes Waltham, MA-based Affectiva, Beverly, MA-based Cellceutix, and Cambridge’s Seaside Therapeutics.

—Cambridge-based Euthymics Bioscience nabbed the first tranche of its Series A funding round, which could total $24 million if the drugmaker hits certain milestones, Luke wrote. The biotech startup is developing a drug targeting depression that lacks the side effects such as weight gain and sexual dysfunction present in existing treatments. It is using technology it acquired from Somerset, NJ-based DOV Pharmaceutical in 2002. Novartis Venture Funds and Venture Investors led the latest investment for Euthymics, which also included Hambrecht & Quist Capital Management, GBS Venture Partners, and the State of Wisconsin Investment Board.

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