Elevation Pharmaceuticals Raises $30M

San Diego-based Elevation Pharmaceuticals, which is developing treatment for patients with chronic obstructive pulmonary disease (COPD), said this morning that it has closed on a $30M, Series B funding round. The round was led by Novo Ventures, and also included prior investors Canaan Partners, TPG Biotech, Care Capital and Mesa Verde Venture Partners. Novo's Heath Lukatch, Ph.D., joins the company's board with the funding. Elevation is in enrollment for a Phase 2b clinical trial on its lead product candidate, EP-101, a bronchodilator being delivered via a nebulizer. The firm said the funds will help the firm complete all activities to reach Phase 3 studies by the end of 2013. More information »