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Posted: January 7, 2008

Carigent Raises $2 Million

(Nanowerk News) Carigent Therapeutics Inc. has raised $2 million in its first round of private equity financing. The New Haven company is working on a new drug-delivery technology that aims to improve drug efficacy and safety by engineering nanoparticles that optimize delivery and controlled release of therapeutic and diagnostic agents into diseased tissues and cells. The financing was provided by Saint Simeon Marketing and Investments Lda.
Carigent will use the money "to further develop its nanotechnology platform, improve laboratory production capabilities and core expertise to support partnerships with pharmaceutical and biotechnology companies, and advance its lead therapeutic product candidates toward clinical studies," according to the company.
The Carigent technology is based on discoveries by Carigent scientific co-founders W. Mark Saltzman, who chairs Yale's Department of Biomedical Engineering; Tarek Fahmy, a Yale assistant professor of biomedical engineering; and Peter Fong, the company's vice president and chief scientific officer. The core technology enables exceptionally high-density anchoring, or "tethering," of biological targeting agents to the surface of biodegradable nanoparticles that encapsulate drugs or diagnostic agents. This capability enables Carigent to design and engineer customized nanoscale carriers that are unusually versatile, the company says.
Source: contact.com