Durham-based drug startup lands $25M in new financing

Durham, N.C. — CoLucid Pharmaceuticals, which is developing drugs to combat central nervous systems disorders, has closed on $25 million in new venture funding.

The Series B round boosts CoLucid’s capital raising to more than $41 million.

Pappas Ventures, which is based in the Triangle, participated in the round as a return investor.

Care Capital led the B round. It is a new investor. Also participating were Domain Associates, Pearl Street Venture Funds and Triathlon Medical Ventures.

The additional funds will be used to help develop a migraine compound called COL-144. CoLucid is also pursuing developing of potential drugs to treat neurological and psychiatric disorders.

CoLucid touts its compound as a “first-in-class neurally acting anti-migraine agent” that avoids side effects of blood vessel constriction associated with other migraine therapies. The compound has advanced through Phase II clinical trial study in which it “provided clear evidence of safe, effective alleviation of migraine pain and identified a range of doses that provided relief of migraine symptoms and were well tolerated.”

"COL-144 is the first in a new class of migraine therapeutics and represents a paradigm shift in the treatment of migraine," said James White, CoLucid’s chief executive officer, in a statement. "The continuing high level of support and enthusiasm from Care Capital and our initial investors will enable us to further advance this unique therapeutic and deliver safe and effective pain relief to a wider range of migraine patients."

As part of the investment, Richard Markham of Care Capital will join the CoLucid board. Markham is a former chief executive officer of Aventis Pharma and a forer chief operating officer at Merck.

Pappas Ventures founded CoLucid in December 2005.