Anthera focuses on products to treat serious diseases associated with inflammation, including cardiovascular and autoimmune diseases. It went public in 2010. The company’s lead product candidate, blisibimod, targets elevated levels of B-cell activating factor (BAFF), which has been associated with a variety of B-cell mediated autoimmune diseases, including systemic lupus erythematosus (SLE), rheumatoid arthritis, multiple sclerosis, Sjögren's Syndrome, Graves' Disease and others.

Anthera represents the third time that Pappas Ventures has backed a company associated with CEO Paul Truex. (The other two were Peninsula Pharmaceuticals and Cerexa, a spinout from Peninsula.)