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June 28, 2007

Koronis raises $20M in VC round

Posted by Angel Gonzalez at 9:17 AM

Koronis Pharmaceuticals said this morning it received $20 million in venture financing from Pacific Horizon Ventures and the Asset Management Co.

The Redmond-based biotechnology company said it plans to use the money to conduct two clinical trials on the effectiveness of its leading product candidate, a novel anti-HIV treatment in humans. Koronis expects to conclude the trials in 2008.

The therapy, already determined to be safe in humans, has shown effectiveness in a lab setting during pre-clinical trials, the privately held company said.

It seeks to anihilate HIV infections by encouraging mutations that make the virus unfit to reproduce. The company said Tuesday that it was enrolling patients in the first trial.

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