Targanta files for $86M IPO to push antibiotics

The antibiotic developer Targanta Therapeutics filed for an IPO designed to raise $86.25 million. In its prospectus the company says it plans to file for approval of its first product in early 2008. Like a lot of developers, Cambridge, MA-based Targanta so far has been operating steadily in the red. Last year it lost - backers would say invested -- $29.3 million. Targanta rounded up a whopping $70 million third round last February and has been preparing an NDA on oritavancin for skin infections.

- here's the AP report

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The fund will back pharma companies as well as developers of medtech products and providers of outsourced services.

The money will fund work to develop polymers in multiple indications and an associated U.S. expansion.