Durham’s Innocrin Pharmaceuticals raises $28 million in funding

Innocrin Pharmaceuticals, a drug-development company that spun out of Durham-based Viamet Pharmaceuticals last fall, has raised $28 million in funding.

Innocrin, which also is headquartered in Durham, plans to use the money to develop its experimental treatments for breast and prostate cancer. The company doesn’t have any products on the market.

CEO William Moore couldn’t be reached for comment. Moore previously was the chief scientific officer at Viamet.

The funding was led by Eshelman Ventures, a Wilmington venture capital firm founded by Fred Eshelman, the founder and former CEO of pharmaceutical services giant PPD. Fred Eshelman is joining Innocrin’s board of directors in conjunction with the financing.

Prior backers of Innocrin, including Triangle venture capital firms Hatteras Venture Partners and Intersouth Partners, also participated in the new round of funding.