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Canaan, Correlation Ventures in $24m Series B for pharma company

26 Aug 2014

pills-755958-mCanaan Partners and Correlation Ventures have re-upped in a $24m Series B financing round for medical company Aldea Pharmaceuticals.

Healthcare-focused RusnanoMedInvest and WuXi PharmaTech Corporate Ventures invested in the company for the first time.

Aldea Pharmaceuticals pioneers therapeutics to treat aldehyde metabolism disorders, which affect the liver.

The company said it will use the money to advance its lead drug candidate, AD-6626, into clinical trials, including evaluating proof-of-concept for the treatment of people with acute alcohol intoxication.

Canaan Partners was among a string of venture capital investors taking part in a $51m Series C funding round for medical dermatology products maker Dermira, announced earlier this month.

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