Wednesday, September 3, 2008

Osprey Pharmaceutials Scores $11M

San Francisco-based Osprey Pharmaceuticals, which is developing novel protein therapeutics focused on treating inflammatory diseases, said Wednesday that it has raised $11M in a first round of venture capital. The funding was led by Burrill & Company, and also included Novo Nordisk Biotech Fund, Yasuda Enterprise Development, GeneChem Therapeutics Venture Fund, BDC Venture Capital, Inc. and Western Technology Seed Investment Fund. Osprey Pharmaceuticals said it is developing therapeutics which selectively target chemokine-activated leukocytes that are responsible for initiating and maintaining inflammatory diseases. The firm's lead product is CCL2-LPM, a therapeutic fusion protein. The funding will go towards further development of CCL2-LPM. More information »