Molecular imaging developer Avid Radiopharmaceuticals of Philadelphia has completed the first round of $34.5 million in financing led by Alta Partners, a leading life sciences venture capital firm based in San Francisco.
Avid plans to use the proceeds primarily to fund the completion of development and, if approved, the commercialization of its Alzheimer's amyloid imaging compound, F-18 AV-45.
Avid's F-18 AV-45 amyloid imaging compound currently is in multicenter clinical trials in the U.S. and has been studied in more than 350 individuals, ranging from cognitively normal individuals to those with Alzheimer's disease.
Proceeds also will be used to continue phase II clinical development of its Parkinson's disease imaging compound F-18 AV-133, as well as service general working capital needs.
Related Reading
Michael J. Fox Foundation awards neuroimaging grants, February 19, 2009
Avid launches clinical trial, October 3, 2007
Bayer Schering Pharma licenses Avid's imaging agent, June 19, 2007
UPenn study awarded SNM Small Animal Image of the Year, June 15, 2007
Avid nets financing, May 10, 2007
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