Nastech Pharma placement raises $5.8 million
Nastech Pharmaceutical Co of the USA has raised approximately $5.8million in a private sale of 1.1 million newly-issued shares. Dain Rauscher Wessels acted as exclusive placement agent for the offering, which incl-uded institutional investors such as Safeco Growth and RST Opportunities, MPM Capital BioEquities and Perceptive Life Sciences.
Steven Quay, Nastech's chief executive, said that the financing, coupled with the firm's cash funds of around $7.1 million as of September 30, "provides further financial support to accelerate our multiple development programs," including the completion of Phase II clini-cal trials for intranasal apomorphine for the treatment of both male and female sexual dysfunction (Marketletter June 25). He added that the company "will broaden its investment appeal to other institutions in the near future."
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