Dura/Spiros Financing
US-based Dura Pharmaceutical and newly-formed Spiros Development Corp have completed a substantial portion of a $41 million financing of Spiros Corp. An affiliate of Elan Corp, which has a broad strategic alliances with Dura, led the investment group.
Aggregate proceeds from a private placement of $28 million, plus a $13 million contribution from Dura Pharmaceuticals, will be used by Spiros Corp to fund ongoing and future clinical trials of albuterol in a cassette version of the Spiros Dryhaler, and formulation, preclinical development and clinical trials of three leading asthma drugs (albuterol, beclomethasone and ipratropium) in a blisterdisk version of the Spiros Dryhaler. These three drugs are now said to have US turnover of some $876 million a year.
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