By Lisa Kerner
Erie, Pa., May 2 - KAI Pharmaceuticals, Inc. said it completed a $35 million series B private equity financing, bringing the total amount raised since its inception to $63 million.
Proceeds from the financing will be used to fund the company's research and development pipeline of protein kinase C therapeutics for acute myocardial infarction, stroke and other ischemic conditions, angiogenesis (such as age-related macular degeneration), and neuropathic and inflammatory pain.
New investors Investor Growth Capital, Inc. and Aberdare Ventures led the round and were joined by KAI's existing investors Skyline Ventures, InterWest Partners, Intersouth Partners, Delphi Ventures, Thomas Weisel Venture Partners, and MDS Capital.
Curt H. LaBelle from IGC and Daniel L. Kisner from Aberdare Ventures will join KAI's board of directors.
Located in South San Francisco, Calif., KAI is a privately held venture-backed drug discovery and development company.
| Issuer: | KAI Pharmaceuticals, Inc.
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| Issue: | Series B private equity financing
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| Amount: | $35 million
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| Investors: | Investor Growth Capital, Inc. (co-lead), Aberdare Ventures (co-lead), Skyline Ventures, InterWest Partners, Intersouth Partners, Delphi Ventures, Thomas Weisel Venture Partners, MDS Capital
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| Announcement date: | May 2
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