Megabios Raises $14 M In Private Financing
Megabios of the USA, which has struck deals with three majorpharmaceutical companies, Eli Lilly, Glaxo Wellcome and Pfizer (Marketletters passim), has raised $14 million from its private placing.
Patrick Enright, chief financial officer and vice president of the company, commented: "the financing further strengthens Megabios' financial position and validates our investors' confidence in the value of our technology...with $25 million in cash and a modest burn rate, Megabios now has the flexibility to consider new strategic initiatives, such as broadening its technology base." The firm focuses on gene delivery systems (Marketletter May 26).
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