Tuesday, June 17, 2008

Crocker Invests $3.3M More in Biotech Firm

Crocker Ventures, a Utah-based private equity firm focused on biotechnology startups, announced Tuesday that it has contributed $3.3 million toward Merrimack Pharmaceutical's sixth round of venture financing. To date, Crocker said, it has invested some $9 million in Merrimack, which is dedicated to researching and developing treatments for autoimmune and cancer-related diseases. The Cambridge, Mass.-based firm has produced an initial compound that is in Phase 2 clinical trials for the treatment of rheumatoid arthritis and autoimmune uveitis. Merrimack's Series F effort concluded earlier this month after securing some $60 million in venture funding, Crocker said, adding that most of company’s financing has come from national hedge and biotech-oriented mutual funds. More information »