BioCentury
ARTICLE | Finance

Follow the money

August 23, 2004 7:00 AM UTC

It's no secret that financing rounds - either public or private - on average are larger in the U.S. than elsewhere. Last week saw two ex-U.S. companies move to tap into the capital available in the States. On the private side, Australia's Xenome wants to close a mezzanine round that's large enough to get its lead compound into Phase II testing and earlier-stage compounds to an IND. On the public front, Phytopharm (LSE:PYM) has set about getting a NASDAQ listing in order to access U.S. specialist investors.

Xenomehas raised about AUS$14 million (US$10 million) since it was launched in March 2000. But with a compound in Phase I trials for chronic neuropathic pain and multiple preclinical pain programs, the company is looking for at least AUS$20-AUS$25 million (US$14.3-US$17.9 million) in its next round. To do so, the company is coming to the U.S. Indeed, Xenome announced last week that Tony Evans is stepping down from the top post and that the new CEO likely will be based in the U.S. ...