All existing institutional investors participated in the financing, led by MPM Bio IV NVS Strategic Fund and including MPM Capital, The Wellcome Trust, HealthCare Ventures, Oxford Bioscience Partners, BB Biotech Ventures, and Scottish Widows Investment Partnership.
Radius will use the additional funding, along with existing cash resources, to support the continued advancement of the company’s clinical and preclinical development programs. Radius anticipates results from its Phase II clinical trial of BA058, a bone anabolic therapy for the treatment of osteoporosis, in the first quarter of 2009.
Richard Lyttle, president and CEO of Radius, said: “We are extremely pleased with the strong continuing confidence of our investors in Radius’s progress. We are finishing 2008 in a strong position, with a broad and maturing portfolio of drug candidates for osteoporosis and women’s health, an option agreement with a major pharmaceutical company to license BA058 for late-stage development, and significant cash resources at our disposal.”