Arete nabs $16.7M more to treat metabolic disorders
Biotech company 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).
The financing round has been open for a while now — a $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.
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About the Author, Camille Ricketts
Camille is the lead writer for GreenBeat. She came to VentureBeat from Google where she worked on its traditional platforms team, particularly in TV. Before that, she was a reporter for the Wall Street Journal in New York and London. Follow her on Twitter at @camillericketts, and follow VentureBeat on Twitter at @venturebeat.
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