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Cerulean raises $24 million series C to fund nanodrug pipeline

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Executive Summary

Nanopharmaceuticals-focused Cerulean Pharma has closed a $24 million series C financing led by new investor Lilly Ventures. All existing investors, including Polaris Venture Partners, Venrock, Lux Capital and Bessemer Venture Partners, also participated. The company plans to use the financing proceeds to advance its lead candidate, CRLX101 (a camptothecin conjugate), into a randomised Phase II trial in non-small cell lung cancer with overall survival as an endpoint, to move its docetaxel candidate, CRLX288, into clinical trials, and to pursue other platform expansion opportunities, including the application of its platform technology to the delivery of RNA based therapeutics.

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