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Funding The Formula

In the NewsCelator Pharmaceuticals of Princeton announced last week that it has closed on $40 million of venture capital funding led by Domain Associates, also of Princeton; TL Ventures of Wayne, Pennsylvania; and the Garden State Life Sciences Venture Fund.
The Garden State fund was set up last year with $10 million in state money and $30 million raised from private investors. The Celator investment, which was first reported by NJBIZ in January, is the first venture capital commitment the fund has made.
Along with raising money, Celator has changed its name from Celator Technologies to Celator Pharmaceuticals. The company, which also has offices and research labs in Vancouver, Canada, has developed technologies for determining what combinations of cancer chemotherapy drugs are most effective. It is using this know-how to formulate new combination drugs to treat the disease. The new money will pay for clinical trials of its lead product for treating colorectal cancer, and for trials of other drugs to treat leukemia and lung cancer.

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