Connecticut Innovations (CI), the state’s quasi-public authority responsible for technology investing and innovation development, today announced that it has provided funding of $4,000,000 to Cara Therapeutics, Inc. (Cara) of Shelton, Connecticut, through the organization’s BioScience Facilities Fund. This funding has enabled Cara to build out 41,000 square feet of laboratory and related space in its new corporate headquarters facility in Shelton. The company recently relocated from Tarrytown, New York, to 1 Parrot Drive in Shelton.
Cara is focused on developing the next generation of “peripherally selective,” or localized, therapeutics to treat pain and inflammation associated with diverse medical conditions, as well as the discovery and development of fundamentally new types of analgesics. Some pain areas being targeted by the company include acute postoperative, inflammatory and neuropathic pain.
Cara’s work is well-regarded and has attracted the attention of some big names in bioscience. ALZA Corporation, a Johnson & Johnson company, has agreed to license Cara’s novel, peripherally-acting pain drug candidate, CR665. And top tier bioscience venture firms MVM Life Science Partners, Alta Biopharma Partners and Ascent Biomedical Ventures have all made investments in Cara.
Governor M. Jodi Rell said, “We welcome Cara Therapeutics to Connecticut. We are extremely pleased that Cara chose Connecticut as its new home and the location to build its business.” She continued, “The company and its 42 employees are enhancing Connecticut’s critical mass in bioscience, and, as the company grows, it will create new opportunities for our state residents.”
Peter Longo, deputy director of Connecticut Innovations, commented, “We are delighted that we could help the company meet its goal of creating a state-of-the-art facility in which to conduct its ongoing research and development.” He added, “Our facilities fund was designed to help alleviate the burden of constructing expensive laboratory space and make state-of-the-art facilities within reach for innovative, young bioscience companies. Having such facilities available for research and development is essential to Connecticut’s ability to remain competitive in the world of bioscience.”
Paul R. Pecatello, president and CEO of CURE (Connecticut United for Research Excellence), the state bioscience organization, said, “A dynamic bioscience sector has grown up in Connecticut, drawing companies and research from across the US and from overseas. This has happened as a result of the track record of our companies, Connecticut’s ideal location and educated labor force, and our state’s commitment to the industry—evidenced most recently by the creation of a $100 million embryonic stem cell research fund. We welcome this exciting new company.”
Derek Chalmers, Cara Therapeutics’ president and chief executive officer, stated, “Connecticut’s ongoing commitment to the bioscience industry and the availability of a highly educated and pharmaceutically experienced work force made the state an ideal location in which to base our new facility. The substantial contribution from Connecticut Innovations’ facilities fund toward our build-out costs was a critical component of the economic feasibility of our re-location. We look forward to discovering and developing more drug candidates and growing our scientific employee base over the coming years in our new state-of-the-art facility.”
About Connecticut Innovations, Inc.
Connecticut Innovations (CI) is a quasi-public organization dedicated to driving a vibrant, entrepreneurial, technology-based economy in Connecticut. CI stimulates high-tech growth by investing in: early-stage Connecticut technology companies; university/industry research collaborations; technology transfer; and, clean energy initiatives through the Connecticut Clean Energy Fund. CI also fosters collaboration among government, business, nonprofit and academic organizations to advance technology growth and promotes public policies consistent with CI’s mission. For more information on CI, please visit www.ctinnovations.com.
About Cara Therapeutics, Inc.
Cara Therapeutics is a privately held biotechnology company focused on developing novel, superior therapeutics to treat pain and inflammation associated with diverse medical conditions. Cara’s current pipeline includes near-term clinical drug candidates within multiple classes of peripherally-acting analgesics. For more information on Cara, please visit www.caratherapeutics.com.
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