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Article: Synta Raises $40M To Boost Cancer, Inflammatory Drugs.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
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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West Coast Editor
Synta Pharmaceuticals Corp. closed a $40 million round of convertible preferred share equity financing to push the ongoing Phase IIa studies with its lead anti-inflammatory drug STA-5326 (apilimod mesylate), as well as cancer compounds in earlier stages.
"We have six programs, and how much we use the capital for the different programs is going to depend on the data for those programs, which we'll get over the next six months or so," said Safi Bahcall, president and CEO of Lexington, Mass.-based Synta, adding that the firm's total available cash should last about two years.
STA5326 is a first-in-class oral inhibitor of ...