The UT Horizon Fund has participated in a $14.3m series B round for Lung Therapeutics.
Lung Therapeutics, a life sciences spinout of University of Texas Health Science Center at Tyler, has raised $14.3m in a series B round featuring UT Horizon Fund, a strategic investment fund of University of Texas System.
Private equity firm Bios Partners led the series B round for Lung Therapeutics.
Lung Therapeutics is working on treatments for life-threatening lung conditions.
The latest round will be used to support ongoing clinical trials of its lead program LTI-01 in Australia and New Zealand.
LT-01 is a therapy for empyema and complicated parapneumonic effusions (CPE) – complications of pneumonia that can cause restricted fluid drainage.
The money will also go towards advancing the spinout’s drug candidate LTI-03, a treatment for fibrosis.
Lung Therapeutics has now secured a total of $17m in equity funding, according to the latest press release. The company closed a $2.57m series A round in 2015 that featured undisclosed backers.
The UT Horizon Fund reportedly also provided seed capital, though details have not been revealed.
In addition to the equity funding, Lung Therapeutics has received $27m in non-dilutive funding, including a $1.7m grant from the US National Institutes of Health in 2015 to UT Health Northeast, where Steven Idell, chief scientific officer, is the senior vice-president of medical research.
