The tiny, Portland-based developer Dimera tells the local Business Journal that the company needs to raise $40 million in order to survive. Backed by the president's personal funds and grants from the NIH, Dimera has advanced a new therapy to treat chest pains in women without venture funds to date. The cash is needed to fund a late-stage trial of the therapy. The company has two full-time workers and has been engaged in research for the past 11 years.
"There is money out there to do this, but the cost may be prohibitive," remarked Steven Burrill, the noted biotech investor. "If I have $40 million, I may get 92 percent of the company instead of 10 percent."
- read the report from the Portland Business Journal