Celea Therapeutics, a biotech company tied to PureTech Health, announced Thursday that it has closed a $180 million financing round aimed at funding a late-stage clinical trial of its experimental lung disease treatment, deupirfenidone, in patients diagnosed with idiopathic pulmonary fibrosis, or IPF.
According to a company statement released Thursday, Celea expects to begin a head-to-head trial during the third quarter of this year.
Several major investors joined PureTech in the funding round, including RA Capital, Leaps by Bayer, a large U.S.-based healthcare-focused fund, and a sovereign wealth fund.
Before the financing round closed, Celea and its transferred assets were valued at $100 million. Following the round, that figure climbed to $302.5 million on a fully diluted basis.
PureTech contributed $30 million to the current financing effort and has set aside an additional $70 million to provide future support to Celea. Once the financing is complete, PureTech will own a 35.4% stake in the biotech company and will be eligible to collect tiered royalties based on annual net sales of any Celea products that use deupirfenidone technology.
PureTech is also in line to receive up to $190 million in total milestone payments tied to the drug’s development progress.
Deupirfenidone is an experimental medication designed to slow or stop the scarring of lung tissue, while offering better tolerability than currently available treatments — potentially making it easier for patients to stay on their medication long-term.
Idiopathic pulmonary fibrosis is a disease with no known cause in which lung tissue becomes progressively damaged and scarred, making it increasingly harder for patients to breathe.
