By E. Janene Geiss
Philadelphia, Dec. 14 - Light Sciences Oncology, Inc. said it completed an offering of an additional $32 million in series A preferred stock, following by two months the initial closing of $35 million of series A preferreds, bringing the total amount raised to $67 million.
Essex Woodlands Health Ventures led the initial series A round and also participated in the second closing. Other investors in the second round included Scandinavian Life Science Venture, Novo AS and New Science Ventures.
They join existing series A investors Adams Street Partners, Johnson and Johnson Development Corp., China Development Industrial Bank and Larkspur Capital Corp., which acted as a private placement adviser to the company.
The financing will be used to undertake a phase 3 clinical trial for the treatment of hepatocellular carcinoma pursuant to the terms of a Special Protocol Assessment from the U.S. Food and Drug Administration, as well as the initiation of clinical trials in other indications.
"We were encouraged by our initial investors in the series A to keep the round open for a number of investors who had previously expressed an interest but who had not been able to close with the initial group," said Llew Keltner, president and chief executive officer, in a statement. "We can now consider additional trials to apply Litx to other solid tumor indications in addition to hepatocellular carcinoma."
As part of the financing, Martin Olin Andersen of Scandinavian Life Science Venture and Ulrik Spork of Novo AS have joined the board of directors.
The series A preferred stock financing is the first round of institutional financing for Light Sciences Oncology, which in connection with this financing has been spun out of Light Sciences Corp., a privately held company in Seattle that developed Litx initially for several disease areas, including ophthalmology and cardiovascular disease.
The company has begun treating patients in a multinational clinical trial for hepatocellular carcinoma, which kills more people yearly than any other cancer.
Light Sciences is a Seattle-based company founded to develop and commercialize the technology of Light Sciences Corp. in the field of oncology.
| Issuer: | Light Sciences Oncology, Inc.
|
| Issue: | Series A preferreds
|
| Amount: | $32 million (second closing)
|
| Investors: | Essex Woodlands Health Ventures (lead), Scandinavian Life Science Venture, Novo AS, New Science Ventures
|
| Announcement date: | Dec. 14
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
