San Diego-based pharmaceutical company Lithera Inc. announced it has raised an additional $6.7 million in equity capital, bringing its Series C funding round to $27.3 million.
The tranche was led by existing investor RusnanoMedInvest, and includes new investors Mirae Asset Venture Investment and Andrea Holdings International Ltd. Additional undisclosed investors also participated in this round.
The company plans to use the funding for general corporate and working capital purposes, primarily to support the clinical, regulatory and manufacturing efforts to advance its lead product, Lipo-202. The company said that when the drug is injected, it reduces the amount of fat under the skin. It is undergoing clinical trials.
“Securing this additional financing from high-quality new and existing investors demonstrates confidence in Lipo-202 ahead of our Phase 2 RESET Trial data readout later this summer," George Mahaffey, president and CEO of Lithera, said in a statement. "We believe the abdominal body contouring market can be greatly expanded with Lipo-202. Physicians and patients desire an injectable product that is safely and quickly administered, provides rapid results, and has minimal impact on lifestyle.”
— Meghana Keshavan