Vivus land $30M for Phase III work

Vivus has garnered a $30 million funding collaboration with Deerfield Management to advance work on the company's ED drug avanafil. Using $20 million from a Royalty and Funding Agreement and $10 million from the sale of Vivus common stock, Deerfield will finance a Phase III study of the drug. "The collaboration with Deerfield allows us to move avanafil into the phase 3 clinical trials on a timely basis. The funding collaboration provides us with financial flexibility and allows us to leverage the MUSE franchise for the benefit of avanafil development," stated Vivus' CEO Leland Wilson

- here's the press release for more