Radius Health Inc. has closed on a $21.4 million third tranche of its $91 million, three-tranche financing round announced in May 2011. The third tranche brings gross proceeds received to $78.7 million. The company has an additional $12.5 million of debt financing from GE Capital, Healthcare Financial Services and Oxford Finance.
Radius Health, Inc. (“Radius”) announced today the closing of the third and final equity tranche of the company’s $91 million financing round announced in May 2011. The third tranche included $21.4 million in equity financing from Radius’ current investors, bringing gross proceeds received to date from the $91 million financing to $78.7 million. As previously disclosed, Radius has an additional $12.5 million of debt financing available to be drawn until May 2012, subject to certain closing conditions, from GE Capital, Healthcare Financial Services and Oxford Finance LLC under a $25 million multidraw term loan facility.
Radius is allocating the proceeds of the financing primarily to advance the ongoing Phase 3 clinical study of BA058 Injection, the company’s novel anabolic (bone-building) drug for the treatment of osteoporosis. Data from the Phase 3 study are intended to form the primary basis for an efficacy claim to support applications for marketing authorization of BA058 Injection in the United States and Europe.
On May 24, 2011, Radius announced that it had closed the first tranche of the financing for gross proceeds of $22 million in equity and $6.25 million in debt, and the issuance of $1.4 million of preferred stock to Ipsen in lieu of a cash milestone payment. On November 23, 2011, the company announced that it had closed the second tranche of the financing, which included $21.4 million in equity financing from existing investors and $6.25 million in debt financing from GE Capital, Healthcare Financial Services and Oxford Finance LLC.
About Radius ( www.radiuspharm.com ) Radius is a leading company developing a new generation of drug therapies for osteoporosis and women’s health. BA058, Radius’ novel, proprietary analog of PTHrP (parathyroid hormone-related protein), is in clinical development as a treatment for osteoporosis in two delivery options: BA058 Injection is a subcutaneous injection form in a Phase 3 clinical study; and the BA058 Microneedle Patch, currently in a Phase 1 study, is a short wear-time, transdermal form based on a microneedle technology from 3M Drug Delivery Systems. The company has a pipeline of additional drug candidate programs in earlier stages of development. Radius is located in Cambridge, Massachusetts.
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