Connecticut has sunk $280,000 more into Cara Therapeutics Inc., raising to $5.8 million its investment in the Shelton biopharmaceutical developing an analgesic for pain and inflammation stemming from disease surgery.
Connecticut Innovations Inc. (CI) was among a half dozen investors who put up a total of $15 million in the latest financing round for Cara. This is the third time that CI has provided funding to Cara, a CI spokeswoman said.
Rho Ventures led the investment round that includes Alta Biopharma Partners, Ascent Biomedical Ventures, Devon Park Bioventures and MVM Life Science Partners.
Cara said the money will finance ongoing research and development of its CR845 compound headed into clinical trials in the coming year.
Pain management treatments that are effective and don’t cause harmful side effects are coveted by more than 100 million patients and their physicians annually, officials said.
Cara CEO Derek Chalmers said the compound is one of an extensive patent portfolio of 58 patents issued and 72 pending.
Cara originally got a $4 million construction loan through CI’s BioScience Facilities Fund. Later, CI made a $1.5 million equity investment in Cara, CI spokeswoman Emily Smith said via e-mail.Â
