Valence Life Sciences has led a $32.5m financing round for cancer treatment company Celator Pharmaceuticals.
The private placement of common stock and warrants to purchase common stock brought Celator’s total funding to $39.3m, following $6.8m from previous rounds.
Celator said the capital would be used to support the late-stage clinical development of its lead investigational product, CPX-351.
Valence managing director Scott Morenstein will join the Valence board following the financing.
The New York and San Diego-based firm targets clinical development-stage private and micro-cap public life sciences companies.
Managing partners Eric Roberts and A Rachel Leheny launched the firm’s Valance Advantage Life Sciences Fund II last year as a follow up to its 2006-vintage Caxton Advantage Life Sciences Fund I.
The firm’s other investments include cardiovascular and inflammatory disease treatment company Anthera, cancer therapeutics business ArQule and acute heart failure drug developer Corthera.
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