By Elaine Rigoli
Tampa, Fla., May 4 - Migenix, Inc. said it has raised $8.8 million through the sale of a partial royalty interest to U.S.-based investment funds.
The investment was led by the Biotechnology Value Fund, LP, with Fort Mason Capital and Southpoint Capital Advisors also participating.
The royalties relate to the company's license agreements with Cadence Pharmaceuticals (CPI-226 in phase 3 for prevention of catheter-related catheter infections) and Cutanea Life Sciences (MX-594AN for dermatological conditions), according to a news release.
Proceeds will be used to fund the MX-3253 phase 2 viral kinetics combination therapy clinical trial for the treatment of hepatitis C virus infections, the advancement of MX-2401 for serious Gram positive infections, and for general corporate purposes.
With the completion of this transaction, the company's financial resources are expected to fund operations into the third quarter 2007.
Vancouver, B.C.-based Migenix is committed to advancing therapy, improving health and enriching life by developing and commercializing drugs in the areas of infectious and degenerative diseases.
| Issuer: | Migenix, Inc.
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| Issue: | Royalty interest
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| Amount: | $8.8 million
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| Investors: | Biotechnology Value Fund, LP, Fort Mason Capital and Southpoint Capital Advisors
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| Announcement date: | May 4
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