Cara Therapeutics
One Parrott Drive, Shelton, CT

One of the newest biotechnology firms to set up shop in Connecticut is Cara Therapeutics, which is developing drugs to control pain and inflammation. The company relocated from Tarrytown, N.Y., to a 50,000-square-foot facility in Shelton in August 2007. The move was made possible by a $4 million loan by Connecticut Innovations' BioScience Facilities Fund. The loan allowed the company, which was founded in 2004, to double its laboratory and office space, create state-of-the-art research laboratories and hire 22 new employees, bringing the total to 44. "The loan from Connecticut Innovations allowed us to move and to build the labs we required without tapping into our cash flow too much," said Cara Therapeutics CEO and President Derek Chalmers, who cited the loan's favorable terms.

Chalmers said he is also grateful to Connecticut Innovations for introducing Cara Therapeutics executives to members of the Yale University scientific community, to members of Connecticut United for Research Excellence, and to sources to find new employees. "Everything came together," he said. Kevin Crowley of Connecticut Innovation's said, "CI's investment team sees promise in Cara Therapeutics' technology which is further strengthened by both an experienced management team and investor syndicate." Since 1998, the BioScience Facilities Fund has invested more than $33 million into more than 350,000 square feet of laboratory and support space throughout Connecticut.

www.caratherapeutics.com