Press Release: Radius Raises $57.5 Million in Second Private Financing Round
Radius Raises $57.5 Million in Second Private Financing Round CAMBRIDGE, Mass., April 2 -- Radius today announced that it has raised $57.5 million in its second institutional financing. Existing investor MPM Capital and new investor The Wellcome Trust co-led the round, which brings the total amount raised since the company's inception in 2003 to $81.5 million. In addition to MPM Capital and The Wellcome Trust, participants in the financing included existing investors HealthCare Ventures and Oxford Bioscience Partners, as well as two additional new investors: BB Biotech Ventures and Scottish Widows Investment Partnership. Terms of the financing provide for Radius to receive $29 million now and the balance of the funds upon satisfaction of certain conditions. Additional terms were not disclosed. "I am gratified by the interest in Radius from these highly regarded new investors and am particularly pleased by the support shown by our existing shareholders," said C. Richard Lyttle, PhD, President and Chief Executive Officer of Radius. "With this funding in place, Radius is well positioned to advance our lead bone anabolic therapy for osteoporosis into Phase II trials and our lead SERM for vasomotor symptoms into Phase I studies, as well as advance our other preclinical development programs addressing unmet needs in women's health." Ansbert Gadicke, MD, Founding General Partner of MPM Capital, commented, "Over the past three years, Radius has transitioned from a start-up to a leading clinical-stage women's healthcare company. Dr. Lyttle and his team have expanded the product portfolio to include a rich pipeline of drug candidates for osteoporosis and women's health. We are pleased to co-lead this financing and to partner with this high-quality investor syndicate and management team in guiding the company through its next phase of growth." The financing will be used to support development of the company's four major product candidates, including: Radius is a product-driven pharmaceutical company that is a leader in the discovery and development of a new generation of drug therapies for osteoporosis and women's health. Based in Cambridge, Massachusetts, the company was formed in November 2003 and is privately held.