Private investment round-up: June 2008
This article was originally published in Scrip
Investments in emerging pharmaceutical and biotech companies continued to decline in June, with around 10 companies raising just $214.5 million in private fundraising, just over half of what was raised in April. Significantly, confidence in the US market has fallen dramatically with only seven companies representing the US in Scrip’s study. In April, it had appeared that US investors were able to shrug off the subprime fiasco and weather the current financial storm, but it now appears that confidence has again waned. Indeed, unlike April, in which US companies accounted for 99% of all private fundraising conducted, in June this figure fell to 70%.
You may also be interested in...
Myotec Therapeutics and Hybrid Biosystems are to merge to form PsiOxus Therapeutics with £3.6 million in funding from a syndicate led by the former's previous backer Imperial Innovations.
A Phase II efficacy and safety study of Trophos' cholesterol-oxime compound TRO40303 to treat cardiac ischaemia-reperfusion injury in acute myocardial infarction patients will be substantially underwritten by funds from the European Union, the Marseilles-based company says. Trophos is to head a new 16-partner consortium called MitoCare, a 2.5 year international translational medicine project that has received a €6 million award under the European Union Seventh Framework Programme for research. The project will begin in January 2011.
Alcon's board of directors has finally approved a merger agreement with Novartis for the Alcon shares the latter does not already own, drawing a close to protracted negotiations that first began nearly a year ago.