Speedel raises $56M for drug development work

Switzerland's Speedel has raised $56 million through a convertible loan program. The company plans to put the money to use for its drug development work, including a Phase III trial of SPP301 for diabetic kidney disease it is doing on its own. Speedel -- a 2005 Fierce 15 company -- dropped an earlier effort to go public, citing poor market conditions and an unwillingness to take a deep discount on its stock.

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PLUS: Aureon Laboratories of Yonkers, New York, has garnered $20 million in its second round of venture capital. Release