Cynapsus Therapeutics raises $21 mln in deal led by U.S. VCs

Canadian specialty pharmaceutical company Cynapsus Therapeutics Inc (TSX: CTH) recently completed a private placement that generated gross proceeds of nearly $21 million. The financing was led by U.S. venture capital firms OrbiMed Advisors, Aisling Capital and Venrock and was joined by existing backers Broadfin Capital, Sphera Funds Management, Pura Vida Investments, DAFNA Capital Management and Dexcel Pharma Technologies Ltd, among others. The Toronto-based Cynapsus, which was founded in 2004, said the funds will help it to undertake Phase 3 clinical studies for a drug candidate to be used to treat patients suffering from Parkinson’s disease.

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