TOPICA Pharmaceuticals has raised $27 million in a Series B financing, led by Third Rock Ventures and existing investors Prospect Venture Partners and Yasuda Enterprise Development. Proceeds of the financing will be used to advance the company's broad-spectrum topical antifungal agent, luliconazole, for the treatment of onychomycosis, fungal infections of the nail.

"This Series B funding will allow TOPICA to conduct a robust phase IIb/III clinical trial, that if successful, will confirm luliconazole's ability to meet the U.S. Food and Drug Administration's (FDA) endpoints for approval. Luliconazole has the promise to be a more effective and safe topical therapy for the treatment of onychomycosis than existing products,” said Greg Vontz, president and chief executive officer of TOPICA.