Somatix finds angels in novel deal

In the never-ending search to find novel financing mechanisms, Somatix Therapy Corp. has dsicovered another new twist. The company raised $4.5 million from a private investment group who want SOMA to develop its GVAX vaccine technology specifically for the treatment of colorectal cancer.

"I don't think anybody's done this," said CFO Mark Bagnall. "It's a mini-R&D partnership, except that would be expensive - you'd get $30 million and pay out $130 million."