Biotech company Arete Therapeutics brought in $16.7 million in the final tranche of a first round of funding that now totals $51 million. The Hayward, Calif.-based company will use the money to push its lead treatment for metabolic syndrome through a second phase of clinical trials. It also develops drugs for inflammatory and cardiovascular diseases, focusing on an enzyme that breaks down arachidonic acid (a critical component of those ailments).
The financing round has been open for a while now — a $35 million extension was added last May. The recent round was co-led by Frazier Healthcare Ventures and Alta Partners, and included Burrill & Co., Three Arch Partners and Altitude Life Science Ventures.
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