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news.US-based Anacor Pharmaceuticals has raised $50 million through a preferred stock financing with participation from GlaxoSmithKline, Schering and existing investors including Rho Capital Partners, Venrock Associates, Care Capital and Aberdare Ventures.
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Proceeds from the financing will be used to further develop Anacor’s product pipeline based on its boron chemistry platform.
The investments from GlaxoSmithKline (GSK) and Schering fulfill each company’s investment obligations pursuant to their respective and ongoing collaborations with Anacor. At the conclusion of the financing, the combined ownership of GSK and Schering will be less than 20% of Anacor’s outstanding shares.
David Perry, CEO of Anacor, said: “We are pleased to complete this financing, which will allow us to advance our five clinical programs and to identify and progress new compounds derived from our boron chemistry platform.”