Xanodyne raises $38M, names Valentino CEO

Xanodyne Pharmaceuticals Inc. (Newport, Ky.) raised $38 million in a private round led by MPM Capital. AIG Investments; Aisling Capital; Blue Chip Venture; Essex Woodlands; HealthCare Ventures; and Union Springs also participated. All are existing investors.

Xanodyne also named Michael Valentino, a director, as president and CEO. Previously, he was president and CEO of Adams Respiratory Therapeutics Inc., which was acquired last year by Reckitt Benckiser plc (LSE:RB). ...