Cerenis Therapeutics lands $14M in VC

Wednesday, October 27, 2010 | Source: Concentrate

If there is one thing Cerenis Therapeutics doesn't lack for, it's venture capital. The Ann Arbor-based drug development company just landed $14 million, its second VC investment this year, bringing its total venture capital take to $65.6 million for 2010.

Most of that money will go toward Cerenis Therapeutics' latest venture, which is creating and commercializing the first synthetic HDL, the so-called good cholesterol. The idea is to create a new way to remove plaque from heart tissue. The 5-year-old firm just finished its Phase 1 clinical trial and plans to begin a proof-of-concept study early next year.

"That's enough money for us to complete the proof of concept study and other HDL programs," says Bill Brinkerhoff, COO of Cerenis Therapeutics.

Cerenis Therapeutics has 26 employees, half of whom are in Ann Arbor and the rest are in France. It has made two hires in Ann Arbor over the last six months. Its growing staff is made up mostly of ex-Pfizer employees who specialized in HDL programs (drugs) similar to Cerenis Therapeutics' current products.

"I think we will continue to grow as we develop the programs," Brinkerhoff says.

Source: Bill Brinkerhoff, COO of Cerenis Therapeutics
Writer: Jon Zemke

Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.