Aires raises $20M, grants Novartis option

Aires Pharmaceuticals Inc. (San Diego, Calif.) raised $20 million in a series B round and granted Novartis AG (NYSE:NVS; SIX:NOVN) an exclusive option to acquire Aires after Phase II testing of its pulmonary arterial hypertension (PAH) candidate. Aironite, an inhaled nitric oxide prodrug has completed two Phase I trials, with a Phase II trial scheduled to start in 4Q11. Aires said the deal with Novartis could reach $250 million, including the initial acquisition payment and milestones. Further details were not disclosed. ...