The venture capital firm Azimuth Opportunity has agreed to buy up to $100 million of Medivation's stock over the next 18 months as the drug developer pushes through a late-stage trial of an experimental Alzheimer's drug. In the innovative deal, Medivation will determine how many shares it will sell based on a formula to determine fair market value minus a discount.
"As we prepare to begin our global Phase III Alzheimer's disease trials next year, this extremely flexible facility is an important addition to our menu of financing options," said Patrick Machado, CFO. "It gives us the ability to raise capital quickly and at a competitive cost."
- see this release for more info
Medivation shares jump on Alzheimer's data. Report
Big pharma sees big payback for Alzheimer's research. Report