Rocky Hill-based Connecticut Innovations, the state’s quasi-public tech organization, has invested $1.5 million in Cara Therapeutics Inc. of Shelton.
CI’s investment is part of a $12.3 million investment involving Devon Park Bioventures and Ascent Biomedical Ventures. This is the second time that CI has provided funding to the biotechnology company.
Last year CI helped move Cara from Tarrytown, N.Y., to Connecticut by providing a $4 million loan to help the company build out its new laboratory and office space in Shelton. Cara is a biotechnology company focused on developing novel therapeutics to treat pain and inflammation associated with human diseases.
“We are excited by the potential of Cara’s innovative discoveries and approaches to create a new generation of analgesic and anti-inflammatory compounds,” Peter Longo, CI president and executive director, said in a statement. “Their products will ultimately benefit the millions who suffer from pain, serving a $21.5 billion market for pain management pharmaceuticals in the U.S. alone.”
