Avid, Sagent raise new millions in venture funds

A pair of U.S. biotech companies has collectively raised more than $64 million in increasingly scarce venture funds.

Philadelphia-based Avid Radiopharmaceuticals - which makes molecular imaging products--has raised $34.5 million in a Series D. Much of that money will be used to fund the further development and commercialization of its Alzheimer's amyloid imaging compound, F-AV-45.

"Avid made tremendous progress through its clinical trials since our last fundraising in May 2007," said  CEO Daniel Skovronsky. "Most significantly, we moved F-AV-45 into a registration trial and secured the capital we need to complete development and, if approved, commercialize this promising product.

And Sagent Pharmaceuticals says it has raised raised $30 million in a second Series A financing extension with a mix of old and new investors. The round was led by Vivo Ventures.

"Sagent's business model unites extensive pharmaceutical development, regulatory and manufacturing capabilities with the unique strength of our U.S. focused sales and marketing team to provide our hospital and clinical customers with a broad range of the highest quality injectable products," said Jeffrey M. Yordon, chief executive officer, founder and chairman of the board of Sagent Pharmaceuticals. "Since our inception in 2006, Sagent has successfully executed its strategy by filing more than 70 aNDAs to date, with more than 20 products expected in the market by year end. We appreciate our investors' continued confidence and commitment to Sagent."

- read the release on Avid
- and check out the release on Sagent

ALSO: San Diego-based Aragon Pharmaceuticals, meanwhile, says it has raised $8 million in a Series A. Report