Venture Capital

Biopharm Financing Roundup

• MethylGene and Otsuka partner on a discovery deal to discover novel kinase inhibitors for eye related diseases with MethylGene receiving $2M upfront and almost another $2M in research funding over 18 months. The total value of the deal including possible regulatory milestones is $50.5M.
• Avanir (AVNX) raised $40M in a public offering for cash to push their lead candidate (for diabetic neuropathy and pseudobulbar effect) further in phase 3 trials following an approvable letter from the FDA. The company offered ~35M shares at $1.14 per share with 35% warrant coverage and are exercisable at 125% of the offering price within five years. Shares trades up 6 cents yesterday on the news.

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