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Article: Santarus Placement Gets $51.4M To Advance Upper GI Therapies.
- 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
In a market that's still giving heartburn to many when it comes to financing, Santarus Inc. raised $51.4 million through a private placement for the further development of its product candidates for more serious upper gastrointestinal disorders.
"It's our third round of outside money," said Debra Crawford, vice president and chief financial officer of San Diego-based Santarus, and it gives the company a little more than $55 million in cash.
"Our burn rate has been under $2 million per month, so this gives us enough for at least a couple of years," she said.
In Phase III trials Santarus has SAN-05, an immediate-release ...