TargeGen Raises $40M

San Diego-based TargeGen announced Thursday afternoon that it has closed $40M in a Series D round of funding. The firm, which is developing biopharmaceuticals, said that the funding came from Innovis Investments, VantagePoint Venture Partners and CTI Life Sciences Fund, along with existing investors Forward Ventures, Enterprise Partners, Chicago Growth Partners/William Blair Capital Partners, CDP Capital, BB BIOTECH, Hambrecht & Quist Capital Management, Pappas Ventures and other investors. Dr. Peter Bissinger of Innovis has joined the firm's board as part of the funding. TargeGen is developing treatments for macular degeneration, diabetic macular edema and diabetic retinopathy. The firm said that it expects to initiate Phase II clinical trials for treatment in macular degeneration patients by the end of this month. More information »