Protherics raises L38.2 million to fund trio of deals
Cardiovascular, cancer and antibody company Protherics (LSE:PTI; PTIL) raised L38.2 million ($75.6 million) in a placing and open offer of 58.7 million shares at 65p. Nomura and Piper Jaffray were the underwriters. PTI will use the proceeds to fund a pair of in-licensing deals and an acquisition that the company says will expand its critical care and cancer franchises. PTI acquired drug delivery company MacroMed (Sandy, Utah) for L12.7 million in stock, giving PTI OncoGel, a sustained-release formulation of paclitaxel that is in Phase IIa testing to treat dysphagia (difficulty swallowing) in esophageal cancer patients.
PTI also entered licensing deals with Glenveigh ( Research Triangle Park, N.C.) and Advanced In Vitro Cell Technologies (Barcelona, Spain). The U.K. company plans to acquire Glenveigh's ovine polyclonal antibody fragments for preeclampsia and eclampsia for L5 million in cash and stock. PTI also will assume L800,000 in debt. Glenveigh will be eligible for milestones and royalties. Digibind anti- digoxin polyclonal antibody fragment is in Phase IIb testing with GlaxoSmithKline (LSE:GSK; GSK) for severe preeclampsia, with data expected in the second half of 2007. ...