Scrip is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

Purdue invests $30 million in Infinity

This article was originally published in Scrip

Executive Summary

Infinity Pharmaceuticals has issued two million shares of its common stock to Purdue Pharma, which bought the stock for $15 per unit, or $30 million in total. The sale follows the strategic alliance that Infinity entered into with Purdue and Mundipharma last November (Scrip Online, November 25th, 2008). Under the agreement Purdue may buy up to six million shares between the beginning of this year and the end of June 2012. Purdue has now invested $75 million in Infinity equity financing and has made a $50 million line of credit available to the company. Draws from the loan facility may be made at any time after April 1st this year and must be repaid with interest by January 7th, 2019. Infinity now expects to have sufficient cash to fund its current operations, R&D and commercial plans until the end of 2012.

You may also be interested in...



Myotec and Hybrid merge to form PsiOxus

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.

Trophos's MitoCare programme receives €6 million EU funding

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.

Novartis and Alcon reach compromise to settle merger saga

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.

Related Companies

UsernamePublicRestriction

Register

SC008018

Ask The Analyst

Please Note: Click here for more information on the Ask the Analyst service.

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel