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Article: Financings Roundup OPKO Gets Much-Needed Boost with $31M Placement.
- Article from:
- BIOWORLD Today
- Article date:
- June 3, 2009
- Author:
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Catherine Hollingsworth, Staff Writer
Eye disorders specialist OPKO Health Inc. appears to be on the rebound from a recent Phase III setback with bevasiranib for wet age-related macular degeneration, now that it has raised $31 million in private placement transactions with seven investors.
The new funds, which will be used for general working capital, provided much-needed cash for a company that at the end of March had just $2.16 million in cash and cash equivalents and substantial research and development expenses.
In its most recent quarterly report filed last month, Miami-based OPKO said it had an accumulated deficit of $318.2 million ...