Kemia recently announced that it has closed its Series C financing, raising $31 million from new and existing investors.

The company plans to use the proceeds to advance its lead clinical compound, KC706, through initial Phase II clinical trials and to progress additional Kemia programs into the clinic.

"Kemia has made substantial progress as a company in the clinic and in the laboratory," said Lew Shuster, Kemia's CEO. "We are pleased to welcome our new investors and board members as we begin the next phase of Kemia's development."

Aberdare Ventures led the Series C financing. Other new investors in the Series C round were MedImmune Ventures, Inc. and Red Abbey Venture Partners. These investors joined existing investors Alta Partners, Forward Ventures, Hamilton Bioventures, JPMorgan Partners, Novartis Bioventures, Novo A/S, and Texas Pacific Group in the financing.

Three new members have been appointed to Kemia's board of directors: Dan Kisner, M.D., Bonnie Hepburn, M.D. and Wayne T. Hockmeyer, Ph.D.

Dr. Kisner, a partner with Aberdare Ventures commented: ”I am excited to invest in Kemia and join its board,” said Dr. Kisner. “We see great potential for Kemia's clinical compound, KC706.”