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Article: Sirion Gains $25M Through Takeover By Tenby Pharma.
- 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
Sirion Therapeutics Inc.'s buyout by the shell firm Tenby Pharma Inc., which will become Sirion's parent holding company, brings $25 million in financing from North Sound Capital LLC to boost Sirion's trio of pipeline products, including one due to enter Phase III trials next year.
Susan Benton, co-founder and chief commercial officer of Tampa, Fla.-based Sirion, said the company had "less than $10 million" before the investment, and estimated the burn rate at "a couple million dollars per month" - but said she could not estimate how long the available cash will last, because other projects are in the works.
"We're looking at ...