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Celator raises $22.5 million

This article was originally published in Scrip

Executive Summary

The private US company Celator Pharmaceuticals has raised $22.5 million in a series C financing round, which included all investors that participated in a series B round in May 2005 that raised $40 million. The financing will be used to fund Phase II studies of CPX-351 (a liposomal formulation of cytarabine and daunorubicin) in patients with acute myeloid leukaemia (AML), including a study in elderly patients with AML later this year. Celator posted positive Phase I data of CPX-351 in December last year, displaying complete remissions in patients with advanced leukaemia. The company's other products include CPX-1 (a liposomal formulation of irinotecan and floxuridine), which is in Phase II clinical studies in colorectal cancer. Celator has also appointed Kenneth Galbraith, general partner of Ventures West, a participant in the financing round, to its board of directors.

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