Triangle Pharma raises $58 million

Triangle Pharmaceuticals says it has completed two separate privateplacements, with gross proceeds totaling $58.2 million. In the first transaction, the company closed a private placement of 7.7 million shares which has brought in $46.2 million, and partner Abbott Laboratories purchased 1.3 million shares in the deal.

In the second transaction, Triangle says it has closed the sale of 200,000 shares of Series B preferred stock to institutional investors, gross proceeds of which were $12 million. Commenting on the deals, chief executive David Barry noted that despite difficult market conditions, "we are pleased at the confidence expressed by these investors in our company." The funds should enable Triangle to "continue the development of our drug candidate portfolio at the currently anticipated pace," he added.