Molecular Insight Pharmaceuticals of Cambridge, MA, has raised $150 million in bonds due in 2012 with a group of institutional investors.
In connection with the financing, Molecular Insight also issued warrants for the purchase of 6 million shares of common stock. The company said the financing represented a dilution of 18% of the company's common stock.
Molecular Insight said it would use proceeds from the fundraising to provide capital for the company through its first product launch, as well as R&D expenses for other products in its pipeline. The company's products under development include Azedra and Onalta for the treatment of neuroendocrine cancer, as well as Zemiva, a radiopharmaceutical for detecting cardiac ischemia in emergency departments.
Related Reading
Molecular Insight completes phase I Azedra trial, October 18, 2007
Molecular Insight buys manufacturing site, October 3, 2007
Molecular Insight appoints CFO, August 16, 2007
Molecular Insight posts Q2 2007 results, August 13, 2007
Molecular Insight buys Texas radiopharma plant, May 18, 2007
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