Start-up opens with $98M in financing

A group of executives who helped guide Dura Pharmaceuticals to a $1.8 billion buyout by Elan five years ago have come back together to create a start-up that has gained $98 million in new financing. Verus Pharmaceuticals announced that it had secured a whopping $78 million in its first round and gained another $20 million in loans. The investors include Domain Associates and Prospect Venture Partners. Verus claimed it was a record sum for a start-up. The biotech plans to skirt the usual time spent in preclinical development, preferring to in-license later stage pediatric drugs with the goal of having a late-stage drug in development by the second half of 2006. Cam Garner, who ran Dura, is CEO of Verus.

- read this story from the San Diego Union-Tribune for more

Suggested Articles

In this week's EuroBiotech Report, Merck allies with Themis on vaccine R&D, Juvenescence raises $100 million and GSK files for anemia approval. 

In our EuroBiotech roundup this week, Scancell withdraws IND, Oxurion’s eye drug fails phase 2a and Abivax starts ulcerative colitis trial. 

The purchase comes as AstraZeneca enters a 12-month period in which it plans to file for approval of about 10 assets.