Altea Therapeutics has been named a winner of a Georgia Biomedical Partnership (GBP) Deal of the Year award for a venture capital financing that raised almost $33 million, the largest venture capital deal in Georgia for 2005.

Altea Therapeutics, an emerging pharmaceutical company developing transdermal patches for the delivery of proteins and water-soluble drugs, raised $32.8 million in a third round of venture capital financing led by Aperture Venture Partners. The investor syndicate also included previous investors Domain, Venrock and vSpring Capital together with KBC, Quilvest, CX Ventures and Rockport Ventures.

Altea will use the additional resources to continue the clinical development of its lead products for pain management and diabetes control, and also to support the further development of processes for the fabrication of its commercial products. The company is conducting Phase 2 clinical trials in the U.S. with a daily hydromorphone patch for rapid management of moderate to severe pain and Phase 1 clinical trials in the U.S. with insulin patches that provide continuous delivery of basal levels of insulin for people with diabetes.

The Altea Therapeutics deal was part of increased venture capital funding of life sciences companies in Georgia in 2005. Three of the four largest venture capital deals, and one-half of the money raised in the top 10 deals, went to life sciences companies in 2005.

The Deal of the Year recognizes transactions, such as financings, collaborations, acquisitions and sales of businesses that represent significant successes by members of Georgia's biosciences community.