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).
$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.