Pharmasset raises $40 million

Pharmasset, an emerging US pharmaceutical company focused on thetreatment of viral diseases, has announced the completion of a $40 million Series D round of private equity financing led by Burrill & Co. New investor MDS Capital also provided significant participation in the financing, along with CDIB Bioscience Ventures and existing investors MPM Capital and Techno Venture Management. Banc of America Securities was the sole private placement agent.

"Pharmasset will use the proceeds of this investment to continue advancing our clinical programs, supporting discovery research and expanding the company's infrastructure," noted P Schaefer Price, the firm's chief executive.