BioPharma SARcode Gets Huge Haul In Series B
SARcode Funding a Boost to Biopharma Moral
SARcode, a bio-pharmaceutical company headquartered in Brisbane, California announced yesterday it has closed on a Series B round of financing for a whopping $44 million.
The haul is a decisive win for bios in general, as all the talk, hype and IPO buzz in VC and PE these days has been centered around tech… mobile technology, cloud based SaaS and a multitude of Internet and social media plays.
As a consequence, bio-pharmas had been taking a back seat to tech for some time in terms of investing also… this after having reigned supreme just a few short years ago at the top of the pile.
The current round of funding for SARcode was led by new backer Soffinova Ventures with a bit of help from another new investor Rho Ventures. Existing investors Alta Partners and Clarus Venture Partners also participated.
SARcode is focused on topical treatments for “dry eye”, a condition that afflicts millions worldwide. SARcode’s inflamation targeting compound SAR 1118 will be the major beneficiary of the funding, as further clinical development is warranted.
