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Article: ISTA Secures $40M Financing As It Nears Vitrase NDA Filing.
- 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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Staff Writer
ISTA Pharmaceuticals Inc. secured $40 million in equity financing, in addition to a $4 million bridge loan, money that will enable the company to continue clinical trials in late-stage products.
ISTA, of Irvine, Calif., plans to submit a new drug application for its lead candidate, Vitrase, to the FDA in visual acuity before the end of the quarter, said CEO Vicente Anido. The money also allows the company to complete a reverse stock split at a ratio of between 1-for-7 and 1-for-10.
"This financing will allow us to do the reverse split, which will get the stock well beyond a dollar again," Anido told BioWorld Today. "We will have ...