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Business
Cerulean secures much-needed cash
by Lisa M. Jarvis
October 31, 2016
| A version of this story appeared in
Volume 94, Issue 43
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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