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Article: Altus Series C Brings $51M For Phase II Pancreas Drug.
- 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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National Editor
A Series C financing that raised $51 million for Altus Pharmaceuticals Inc.'s lead product for pancreatic insufficiency and an FDA decree that cracks down on competitors have put Altus in an enviable spot.
The financing gives Cambridge, Mass.-based Altus about $70 million in cash, enough to operate for "the foreseeable future," said CEO Peter Lanciano.
The FDA directive likely is to give Altus an easier ride - and to provide problems for about 20 other firms that market pancreatic-insufficiency drugs in a market valued by research firm IMS Health at about $200 million in North America and $600 million worldwide. Those firms ...