Issue Date: October 31, 2016
Cerulean secures much-needed cash
Sinking Cerulean Pharma has found a way to stay afloat. Aspire Capital will buy $20 million worth of stock, providing much-needed cash to help move forward Cerulean’s two lead drug candidates. And in a separate move, Novartis will pay $5 million up front to use the biotech’s nanoparticle-drug conjugate technology to create drug candidates against up to five targets. Cerulean trimmed half its staff in August after its lead program, CRLX101, failed to show efficacy against kidney cancer in a Phase II study.
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