The Burrill Report


Private companies raised a surprising amount of capital the week ending Friday, November 21 even as stocks tumbled to new lows. Pacira Pharmaceuticals of San Diego topped the list by raising $85 million for its controlled-release injectable products from MPM Capital, HBM BioVentures, OrbiMed Advisors and Sanderling Ventures. The German biopharmaceutical company Ganymed closed an $82 financing round to fund clinical trials of its antibody cancer compounds. Publicly-traded StemCells managed to eke out one of the few secondary offerings of late, raising $20 million in the capital markets through the sale of 13.79 million units to institutional investors at $1.45 per unit, each unit consisting of one share of common stock and one five-year warrant to purchase 0.75 share of common stock at an exercise price of $2.30 per share. The units were sold in a registered direct offering.

 

November 21, 2008
http://www.burrillreport.com/article-done_deals.html