The company will use the proceeds to complete the clinical development of its lead product, CARDIOsphere (PB127). Parag Saxena, co-founder and managing partner of Vedanta Capital, and Larry Posner will join Point’s Board of Directors.
Tom Feldman, president and CEO of Point Biomedical, said: “This financing will allow us to complete the clinical trial programs required for submission of our amended NDA for CARDIOsphere, and to begin preparations for commercialization into a significant market where we anticipate substantial growth in the next few years.”