Two Biotechs Raise $163 Million in VC Funding

Two San Diego-based specialty pharmaceutical firms, Verus Pharmaceuticals Inc. and Somaxon Pharmaceuticals Inc., announced they raised $163 million total in venture capital funding. Verus Pharmaceuticals announced that it raised $78 million in a Series A round coupled with $20 million in royalty financing. The money will be used to in-license products and develop them for the pediatric market. Investors included Domain Associates LLC in Laguna Niguel, MPM Capital in San Francisco and Windamere Venture Partners in La Jolla.

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