Philadelphia osteoporosis drugmaker Zelos raises $2.8 million

A Philadelphia-area pharmaceutical company developing innovative treatments for bone disorders has raised fresh capital, likely working toward the commercialization of an osteoporosis treatment.

Zelos Therapeutics has raised $2.8 million, according to a recent filing with the Securities and Exchange Commission. President and CEO Brian MacDonald was not available to comment on the fund-raise.

The company’s leading drug candidate is ZT-031, for the prevention of vertebral fractures in postmenopausal women. In July 2008, the company received the go-ahead from the U.S. Food and Drug Association to proceed with a 24-month Phase 3 clinical trial for the drug. It is also developing a nasal spray osteoporosis treatment to compete with Eli Lilly’s Forteo.

Zelos is a spin-out of the National Research Council Canada and was established in 2000. The company has raised more than $70 million from investors including Alta Partners, Prospect Ventures, VenGrowth Capital, Seaflower Ventures and Genesys Capital.