Coley Pharma raises $25M to advance drug compounds Posted Friday, October 1, 2004 by ctustis
Boston Business Journal

Coley Pharmaceutical Group Inc. has raised $25 million in new venture
financing to help support ongoing clinical development of its
anti-cancer and anti-virus compounds.

This is the fourth funding round for the company, which had raised over
$102 million in venture funding as of August 2003.

Existing investors participated in the round, including Thomas, McNerney
& Partners of New York, Venrock Associates of Cambridge, Menlo Park,
Calif., and New York; and Techno Venture Management of Boston and
Munich, Germany.

Coley's lead drug, ProMune, is in Phase II, or mid-stage clinical trials
to treat forms of lung cancer, melanoma and lymphoma. A separate
compound, Actilon, is in early-stage, or Phase I human clinical trials
to treat hepatitis C.

Coley last week announced a $16.9 million five-year contract with the
National Institute of Allergy and Infectious Diseases to develop new
compounds that activate the immune system to counteract bioterrorism.

Earlier this month, Coley announced a $5 million milestone payment from
French partner Aventis Pharmaceuticals regarding a new aerosol treatment
for allergic respiratory diseases such as asthma.