MGI Pharma raises $31 million
MGI Pharma of Minneapolis, USA, says it has closed a private placementof just over 3 million shares, with US Bancorp Piper Jaffray acting as lead agent, which will bring in proceeds of more than $31 million.
Chuck Blitzer, MGI's chief executive, said that following the financing, it now has liquid capital of nearly $70 million, "which provides us with a key resource for advancement of our business at a very exciting time in the history of our company."
Phase III trials are ongoing for the company's novel anticancer compound irofulven, and its antiemetic palonosetron is at the same stage. Proceeds from this latest financing will be used for continued development of these drugs and product commercialization.
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