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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
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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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