Adenosine Therapeutics seeks $14M for new drugs
Adenosine Therapeutics, a Charlottesville, Va., biotech developing drugs that target forms of a cell-surface protein called the adenosine receptor, is raising $14 million in a third funding round. The round is being led by the Novartis Option Fund.
Novartis also acquired an option to the company’s A2B receptor antagonist program, which aims to produce new oral drugs for treating type II diabetes, asthma and other diseases. Adenosine’s lead candidate is a cardiac imaging agent that’s currently in late-stage human tests.
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About the Author, David P. Hamilton
David Hamilton has been writing for VentureBeat LifeScience since April 2007. He formerly spent 14 years as a reporter for the Wall Street Journal in its San Francisco and Tokyo bureaus. Prior to that, he spent several years as a reporter at Science Magazine and as a reporter/researcher for the New Republic, both in Washington.