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Article: Acorda's Spinal Injury Work Gains Boost In $55.3M Round.
- Article from:
- BIOWORLD Today
- Article date:
- November 4, 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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National Editor
Providing solid cash backbone for its ongoing Phase III trial with a therapy for spinal cord injury, Acorda Therapeutics Inc. said it raised $55.3 million in the third largest U.S. biotechnology financing this year.
"We were already well funded, but this gives us the opportunity to plan our business on at least a three-year basis," said Mark Pinney, chief financial officer of Hawthorne, N.Y.-based Acorda.
He declined to say how much cash the privately held company has, but noted the Acorda's Series I financing more than two years ago, a $33.7 million round that left the firm with $48 million on hand. (See BioWorld Today, Jan. ...