Radius Health collects $27.7M for PhIII osteoporosis program

Cambridge, MA-based Radius Health has drawn down a $27.7 million tranche from its $91 million financing round as it bores ahead with a pivotal Phase III program for its bone-building drug. In addition to the $21.4 million the biotech gathered from its venture backers, GE Capital, Healthcare Financial Services and Oxford Finance chipped in with a $6.3 million loan. Radius has now collected $57.3 million from its roster of supporters.

"With the additional funding, we will continue our company strategy of moving quickly to execute on the pivotal Phase III study of BA058 Injection and prepare for initiation of Phase II for the transdermal BA058 Microneedle Patch," said Nick Harvey, the CFO of Radius. "Our goal is to provide a new treatment option for patients with osteoporosis that builds new bone, reduces risk of future fractures, improves convenience, and optimizes patient outcomes."

CEO C. Richard Lyttle told FierceBiotech back in 2008 that Radius in-licensed BA058 from Ipsen and forged a deal with Eisai for the non-Japanese rights to a new class of selective estrogen receptor modulators. Radius also has a "home grown" program: RAD1901--a novel SERM (selective estrogen receptor modulator) now in Phase II.

Radius has a long lineup of backers. MPM Capital, BB Biotech Ventures, MPM Bio IV NVS Strategic Fund, The Wellcome Trust, HealthCare Ventures, and Scottish Widows Investment Partnership all signed on as investors. When Radius announced its new $91 million round in May Brookside Capital, Saints Capital, Nordic Bioscience and Ipsen all joined in.

- here's the Radius release

Special Report: Radius Health - Top 5 VC Deals, H1 2011