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Cidara Completes $32M Financing

Biopharmaceutical company Cidara Therapeutics Inc. completed a $32 million Series A financing round, the company said.

The funding will enable the privately held company, formerly known as K2 Therapeutics, to advance drug candidates from its Cloudbreak platform that treats patients with compromised immune systems resulting from cancer therapy, bone marrow transplants and organ transplants.

According to the company, each year about 500,000 patients are treated for fungal infections inside hospitals, costing the health care system $8 billion and resulting in higher rates of mortality.

Cidara is also developing biafungin, a long-acting anti-fungal drug candidate currently in investigational drug studies.

Also, Cidara announced some news regarding its leadership team.

Jeffrey Stein has joined the company as president and CEO. He is a former CEO of Trius Therapeutics, which was acquired last year by Cubist Pharmaceuticals. Meanwhile, Ken Bartizal, a former chief development officer at Trius, will serve in the same role at Cidara, and Dirk Thye has joined Cidara as chief medical officer. Thye is the founder of Peninsula Pharmaceuticals and Cerexa, where he was president.

The financing round was led by 5AM Ventures, Aisling Capital, Frazier HealthcareC and InterWest Partners, and included select institutional cross-over investors, Cidara said.

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