Kolltan Pharmaceuticals raises $10M for advancing its therapeutic development pipeline

Jan 20 2010

Kolltan Pharmaceuticals, Inc., a next-generation oncology therapeutics company, announced today that it has raised $10 million in investments and related payments from an affiliate of Celtic Therapeutics Holdings L.P. (“Celtic Therapeutics”) and Tichenor Ventures, LLC. The financing was led by Celtic Therapeutics and includes $8.5 million in Series B convertible preferred stock and $1.5 million that can be applied either to a product development option entered into with an affiliate of Celtic Therapeutics or converted into Series B convertible preferred stock. Proceeds from these investments will be used to advance Kolltan’s therapeutic development pipeline.

Michael Schmertzler, Chief Executive Officer and Director of Kolltan, and Arthur Altschul Jr., Co-Founder and Chairman of the Board of Kolltan, commented, “Celtic expressed an early interest in Kolltan while raising their new fund. We are pleased to have Celtic Therapeutics and Tichenor Ventures, LLC follow on our $40 million Series A financing. Their investment provides us with further flexibility and runway for meeting our goals and advancing our lead program to the clinic.”

Stephen Evans-Freke and Dr. Peter B. Corr, Co-Founders and Managing General Partners of Celtic Therapeutics Management L.L.L.P., commented, “We are excited to have made this investment in Kolltan. The professional relationship between Celtic and Kolltan’s founders and management team dates back to the founding of SUGEN. We are delighted to build on our longstanding relationship and work with Kolltan to translate its innovative platform into important new therapies for cancer.”