ARTICLE | Financial News

Euthymics raises $24 million

July 23, 2010 12:33 AM UTC

Euthymics Bioscience Inc. (Cambridge, Mass.) raised $24 million in a series A round co-led by Novartis Venture Funds and Venture Investors. Hambrecht & Quist Capital Management; GBS Venture Partners; and State of Wisconsin Investment Board also participated. Euthymics will receive the funding in undisclosed tranches based on undisclosed milestones. Euthymics said the initial proceeds of the round were used to complete its previously announced reverse merger with neurology company Dov Pharmaceutical Inc. for $2 million in cash, or about $0.015 per share. ...