Paratek caps $40M funding to launch Phase 3 trial

Paratek Pharmaceuticals Inc. reports it has completed a $40 million financing to begin a Phase 3 clinical trial of an antibiotic to treat serious infections.

The Boston-based biotech firm has now raised $134 million. The company announced the first tranche of the latest $40 million round in October 2007.

New York-based firm Aisling Capital led the round, which included new investors DE Shaw and Boston Life Science Venture Corp.

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Previous investors Nomura Phase4 Ventures, Novartis BioVentures, BioFund Ventures, HBM BioVentures, Lombard Odier Darier Hentsch, BioVeda Fund and Hercules Technology Growth Capital also contributed.

Privately held Paratek said it recently completed a Phase 2 clinical study of its lead antibiotic, PTK 0796, as a treatment for potentially fatal infections such as skin infections and pneumonia that require hospitals stays.