Ann Arbor's Lycera receives $36M in venture capital, to add 6 jobs

Thursday, April 23, 2009 | Source: Concentrate

Michigan's venture capital investment came back in a big way through Lycera.

Excerpt:

Just when the local venture capital landscape looks its bleakest, a big silver lining appears. Right now that’s the $36 million Ann Arbor-based Lycera recently locked down.

The pharmaceutical company plans to use that cash to continue research and development of small molecule drugs for treating autoimmune diseases such as rheumatoid arthritis and lupus. It won’t take the firm to commercialization of these items, but at least to the next step of FDA approval.

"It takes us to the next steps probably," says Gary D. Glick, founder and chief scientist of Lycera.

Read the rest of the story here.