Alcresta, a Newton-based medical nutrition company, said Monday that it has secured $10 million in Series B financing as it prepares for the expected 2014 launch of Alcresta’s lead nutritional product.
The financing was led by existing investors Bessemer Venture Partners, Frazier Healthcare, and Third Rock Ventures, Alcresta said in a press release.
The company is creating a new class of tailored, point-of-care nutritional products that can be used in conjunction with current standards of nutritional care to more effectively maximize nutrient and caloric absorption, and, ultimately, change the way nutritional aspects of growth, aging and disease are managed, the release said.
“This Series B round provides Alcresta with the financial strength to complete our transition from an R&D-focused company to a commercial-stage enterprise and prepare for the launch of our proprietary line of point-of-care nutritional products,” Alexey Margolin, cofounder and chief executive of Alcresta, said in a statement.
The company also said Monday that it has promoted Robert Gallotto, cofounder and chief operating officer of Alcresta, to president.