Light Sciences lines up $35M in credit, financing

Bellevue, WA-based Light Sciences Oncology has garnered itself a $23.3 million line of credit, in addition to another $11.8 million in warrants. This comes after the company raised $40 million in venture capital in June 2008.

LSO is developing a medical device/drug combination that could treat malignant tumors without killing healthy surrounding tissue. The procedure involves inserting a light-emitting diode into tumors along with talaporfin sodium, an inactive chemical. When the light is turned on, it activates the chemical and destroys the cancer cells. The company began a late-stage trial of the drug for liver cancer in 2006. Although results from that study have yet to be released, LSO has already begun other trials in children with neurofibromatosis and men with enlarged prostates.

- here's the report from Xconomy