Kingsbridge Capital

Discovery secures $60M financing deal

Tue, 27 May 2008 06:59:54 -0400

Struggling Discovery Labs signed a three year, $60 million financing deal with Kingsbridge Capital, a U.K.-based investment group. Kingsbridge will provide the capital through the purchase of newly issued shares of Discovery's common stock. The company said the deal "significantly improves the company's financial flexibility to support the potential commercialization of Surfaxin," as well as the rest of its respiratory pipeline.

Discovery has been on the ropes since receiving a third approvable letter for Surfaxin, a treatment for premature infant respiratory distress syndrome. The most recent approvable letter did not call for a new trial of the drug and execs said they hope to quickly respond to the FDA's concerns.

- here's Discovery's release for more

Somaxon secures cash for Silenor marketing

Fri, 23 May 2008 06:59:56 -0400

As Somaxon waits for the FDA okay on insomnia treatment Silenor, the company has lined up funding for marketing and commercialization of the drug. The company inked a $15 million secured loan agreement with Oxford Finance Corporation and Silicon Valley Bank. In addition, Kingsbridge Capital has committed to provide up to $50 million of capital through the purchase of newly-issued shares of Somaxon's common stock.

"The the availability of these funds will support our financial position as we continue to move forward in discussions with a number of companies regarding a potential strategic collaboration relating to the commercialization of Silenor," said Somaxon's interim CEO David F. Hale.

- check out the Somaxon release

ALSO NOTED: Ardana looks to sale or merger; Oxigene inks $40M capital deal; and much more...

Wed, 20 Feb 2008 06:59:50 -0500

> Edinburgh-based Ardana's CEO, says the biotech is looking for a sale or merger. Report

> Oxigene has inked a deal with Kingsbridge Capital for $40 million in capital over three years. Release

> Oxford Biomedica has completed a late-stage trial of its cancer therapy TroVax, triggering a €10 million milestone payment. Release

> Scientists in the U.K. have identified a molecule that they say plays a critical role in the development of allergies. Report

> A growing demand for new biotech and lab space is forcing up rents in the Washington DC area as vacancies decline. Report

> There's a new target for drug developers focused on multiple sclerosis--and a pair of approved drugs that may already work against the disease. Report

> Some biotechs are eager for the FDA approval of biogeneric drugs. Report

> A new survey has concluded that specialists feel Medicare's new anemia drug payment limits are hurting cancer patients. Report

> Various agencies are taking aim at pro quo deals between brand-name drug makers and generics firms. Report

> Amgen harshly rejected a royalty offer from Roche, which wants to sell an anemia drug that would compete against Amgen's signature blockbusters. Report

And Finally... A 20-year effort to find a microbicide that protects women from HIV ended in another bitter setback for researchers who reported that a late-stage trial of a new gel has failed. Report

Cytokinetics forges $75M financing deal

Tue, 16 Oct 2007 06:59:55 -0400

South San Francisco-based Cytokinetics has forged a new deal with Kingsbridge Capital Limited that will provide up to $75 million in fresh financing over the next three years. In the deal, Kingsbridge commits to buying newly issued shares of Cytokinetics stock. Cytokinetics has a couple of high profile deals working with Amgen and GlaxoSmithKline and has an intriguing small molecule candidate in Phase II for heart failure.

"This is a secondary source of capital," says Cytokinetics CEO Robert Blum in an interview. And it's the second deal the company has made with Kingsbridge, which specializes in this kind of arrangement. "We gain access to capital in a metered way as we need it to keep our balance sheet shored up. This type of tool was not available a couple of years ago." And its much better than alternative types of financing, he adds, which include "more toxic provisions."

- see the company release on the funding

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Cytokinetics assumes responsibility in amended pact. Report

Read more on: Cytokinetics