|
|
Article: DeCode Stock Sale To Raise $30M For Multidrug Pipeline.
- 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)
|
West Coast Editor
About a week after submitting to the FDA an investigational new drug application for DG051, its drug for preventing heart attacks, DeCode Genetics Inc. is raising $30 million through a stock sale to several new and existing institutional investors.
Net proceeds of the sale, expected to close on or about tomorrow, are expected to total about $27.8 million, and Reykjavik, Iceland-based DeCode plans to use the proceeds for clinical trials, genotyping and general corporate purposes.
The firm expects to begin Phase I testing later this summer with the heart attack drug, a small-molecule inhibitor of leukotriene A4 hydrolase. It's a ...