Amylin placement raises $35 million
Amylin Pharmaceuticals has closed a private placement for the sale ofapproximately 4.1 million shares, priced at $10 each, which will bring in proceeds to the firm of $35 million (600,000 shares were sold by an existing stockholder). Lehman Brothers acted as sole placement agent.
The company said that the proceeds will be used primarily to provide increased support for the antidiabetics AC2993 (synthetic exendin-4) and AC2993 LAR, which are in Phase II and Phase I trials, respectively. Funds will also be allocated to "the execution of plans" for Symlin (pramlintide acetate), Amylin's lead product for type 2 diabetes, for which a New Drug Application was submitted in the USA at the end of last year (Marketletter December 11, 2000).
The US Food and Drug Administration's Endocrinologic and Metabolic Drugs Advisory Committee is scheduled to review Symlin on July 26, and Amylin added that it expects to file the drug in Europe sometime during the second quarter of this year.
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