Ebb & Flow
Atlhough it doesn't yet belong to the IPO crowd, Renovis did fill its tank with a $45 million series E round. And with an out-licensed compound in Phase III, the company is keeping its eye on the hoped for window. Easton Hunt Capital led last week's financing, which was joined by new investors HealthCap; MDA Capital; Invus Group; and CDIB BioScience Ventures. Existing investors re-upping included Alta; Venrock; Flagship; Skyline and HBM BioVentures.
Renovis bought its way into its Phase III profile by acquiring Centaurlast year (see BioCentury Dec. 16, 2002). Centaur had licensed Cerovive, which is in Phase III trials for ischemic stroke, to AstraZeneca (AZN). Renovis is eligible for royalties on the small molecule nitrone neuroprotectant. ...