NextWave Pharma Snaps Up $45M

1/11/11Follow @xconomy

NextWave Pharmaceuticals has raised some big bucks to support making new drugs for cardiovascular disease and neurological conditions.

The Cupertino, CA-based drug developer said today it has raised $45 million in a Series C financing. The investment was co-led by Panorama Capital and Bay City Capital, and included Kearny Venture Partners, Aisling Capital, Fidelity Biosciences, Sofinnova Ventures and Vivo Ventures.

The company said it plans to use the cash to commercialize a new long-lasting drug for high blood pressure—clonidine (Nexiclon XR). Beyond that, it also plans to build out its portfolio of drugs for conditions of the central nervous system, and to support a long-lasting liquid form of methylphenidate for attention deficit hyperactivity disorder (ADHD). That drug is currently being reviewed by the FDA, NextWave said.

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