Selecta Biosciences Inc. said it had attracted a $5.8 million investment in the company.
The Watertown, Mass.-based biotechnology company agreed to sell 3,178,174 common shares to a group of investors which include members of its management and board. The shares are priced at $1.81 each.
Most of the investment comes from Timothy Springer, a member of the company's board who most recently served as the Latham Family Professor at Harvard Medical School.
Selecta Biosciences is developing drugs that treat diseases by either activating or suppressing the immune system. Its lead product candidate is SEL-212 which is being developed to treat chronic refractory gout.
