TARIS Biomedical, a specialty pharmaceutical company, has raised $12.5 million in later-stage VC funding. Previous investors Flagship Ventures, Flybridge Capital Partners, Polaris Partners and Third Rock Ventures participated in the latest round. The company will use the funds to continue clinical advancement of its lead product candidate, LiRIS, a therapy for interstitial cystitis. Headquartered in Lexington, MA, TARIS develops targeted therapies for treating bladder diseases with high unmet medical need. The startup has raised multiple rounds of funding, including an $18.3 million Series B round in April 2011.