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Atlas tests single-asset VC model with $18M in Arteaus to develop Lilly migraine molecule

 
• By Nancy Faigen

The first funded example of Atlas Venture Development Corp's strategy of setting up virtual companies to develop single drug asset is Arteaus Therapeutics. The Cambridge, Massachusetts start-up, founded in June 2011, has attracted $18 million in financing from Atlas Venture and from OrbiMed Advisors to develop a Phase I antibody licensed from Eli Lilly to prevent migraines. The antibody product targets the calcitonin gene-related peptide (CGRP) receptor.

The first funded example of Atlas Venture Development Corp's strategy of setting up virtual companies to develop single drug asset is Arteaus Therapeutics. The Cambridge, Massachusetts start-up, founded in June 2011, has attracted $18 million in financing from Atlas Venture and from OrbiMed Advisors to develop a Phase I antibody licensed from Eli Lilly to prevent migraines. The antibody product targets the calcitonin gene-related peptide (CGRP) receptor.

The $18 million will be Arteaus's only funding the company seeks: the goal is to either demonstrate proof of concept in migraine prevention or abandon the project, Dr David Grayzel, who is serving as the startup's CEO, told Scrip

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