Radius Health has ginned an additional $15 million for its Series C, bringing its total take to $82.5 million. All existing institutional investors participated in the financing, led by MPM Bio IV NVS Strategic Fund and including MPM Capital, The Wellcome Trust, HealthCare Ventures, Oxford Bioscience Partners, BB Biotech Ventures, and Scottish Widows Investment Partnership.
Their money is being employed to advance a number of clinical programs. Cambridge, MA-based Radius expects data from a Phase II clinical trial of BA058, a bone anabolic therapy for the treatment of osteoporosis, in the first quarter of 2009. Researchers launched a Phase I clinical trial of RAD1901, a novel SERM (selective estrogen receptor modulator) for the treatment of hot flashes and plan to commence a Phase IIa study in the first quarter of 2009. In addition, the company recently announced selection of the first preclinical candidate from its SARM (selective androgen receptor modulator) discovery program for treatment of muscle loss, with an investigational new drug filing expected in the second quarter of 2009.
"We are finishing 2008 in a strong position, with a broad and maturing portfolio of drug candidates for osteoporosis and women's health, an option agreement with a major pharmaceutical company to license BA058 for late-stage development, and significant cash resources at our disposal," says CEO C. Richard Lyttle.
- read Radius' release
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