The Kalamazoo-based drug development firm, which was spun out of Cleveland Clinic Innovations in 2007, said it would use the funds to prepare for a Phase 3 clinical trial of its immunotherapy drug called TOL101. The new drug could have broad application potential for treating diseases such as transplant rejection, type 1 diabetes, multiple sclerosis and leukemia, the company said.
"We are excited to bring this novel T-cell targeting biologic drug to market where there is a significant need for new immune modulating strategies and few, if any, industry pipeline alternatives," Tolera CEO John Puisis said in a statement.
Earlier this month, the company announced it had hired a vice president of business development with more than 25 years experience in the healthcare industry. Linda C. Hogan joined Tolera after serving in a similar post at Aventis and its predecessor companies, Marion Laboratories, Marion Merrell Dow and Hoechst Marion Roussel.