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CoLucid raises $25 million to move forward with migraine drug trials


BOSTON CoLucid Pharmaceuticals has landed $25 million in series B financing to take its lead compound through mid-stage human trials, according to published reports.

The money will go toward phase II trials of the company’s lead drug, an experimental migraine treatment known as COL-144. CoLucid will also use the funding to take two compounds now in preclinical work through phase I human trials.

Among the financiers is Pappas Ventures, the venture capital firm that was instrumental in founding CoLucid in December 2005. Pappas also co-led CoLucid’s $16.5 million series A round, which closed in 2006.

Other investors in the series B round include Domain Associates, Pearl Street Venture Funds, Triathlon Medical Ventures and new investor Care Capital, which led the financing.

CoLucid’s goal with COL-144 is to use series B cash to get the drug “to the doorstep” of late-stage trials, according to chief executive officer Jim White. The drug targets a different molecule than other migraine drugs - which CoLucid hopes will make it more effective and help it avoid the cardiovascular side effects associated with other migraine treatments.

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