Calistoga raises $30M in funding

Caistoga Pharmaceuticals of Seattle, which is developing treatments for cancer and inflammatory diseases, has raised $30 million in new funding from Alta Partners, Amgen Ventures, Frazier Healthcare, and Three Arch Partners.

Calistoga said it will use the funds to develop its drug pipeline of "isoform-selective PI3K inhibitors" to treat hematologic malignancies, inflammatory diseases, and solid tumor malignancies.

Calistoga is a startup that rose from the ashes of Bothell-based Icos Corp., maker of the erectile dysfunction drug Cialis, which was acquired by marketing partner Eli Lilly for $2.3 billion in early 2007. Frazier Healthcare founded Calistoga with intellectual property left over from Icos. With the latest funding, the company has raised more than $56 million.

Calistoga named former Biogen Idec executive Carol Gallagher as chief executive in October 2008

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