Topica Pharma grabs $27M B round for topical antifungal drug

Aiming to improve the treatment of nail fungus, Topica Pharmaceuticals has rallied venture investors for a $27 million Series B round of financing. The firm plans to use the capital for a 300-patient Phase IIb/III trial of luliconazole, testing to see whether the topical antifungal agent can cure toenail fungus at 52 weeks of treatment. The Palo Alto, CA-based company says its agent is able to penetrate nails and settle into the nail bed, with limited side effects due to low systemic absorption. Article