Kemia Raises $31M

San Diego-based Kemia has raised $31M in a Series C investment, the firm said Wednesday. Kemia said that the funding came from Aberdare Ventures, and included new investors MedInnume ventures and Red Abbey Venture Partners. Existing investors Alta Partners, Forward Ventures, Hamilton Bioventures, JPMorgan Partners, Novartis Bioventures, Novo A/S, and Texas Pacific Group all particpated in the financing. Kemia will use the funding to advanced its lead clinical compound through initial Phase II clinical trials. Kemia is developing novel small molecule therapeutics targeted at non-injectable drugs. More information »