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.
