Edison Pharmaceuticals Closes $20M Series F Financing
News Nov 27, 2012
Edison Pharmaceuticals, Inc. announced today that it has closed a Series F Preferred Financing, raising $20M. Mitsui & Co. Global Investment, Inc. led the financing and will occupy a board of directors seat.
Proceeds will be used to advance the clinical development of EPI-743. The company has recently announced the initiation of phase 2B clinical trials in the United States in two orphan mitochondrial diseases, Leigh syndrome and Friedreich's ataxia. Additional clinical development initiatives are underway and will be announced in Q1 2013.
The cholesterol-lowering drugs called statins have demonstrated substantial benefits in reducing the risk of heart attacks and strokes caused by blood clots (ischemic strokes) in at-risk patients. Since statins are associated with a low risk of side effects, the benefits of taking them outweigh the risks, according to a scientific statement from the American Heart Association that reviewed multiple studies evaluating the safety and potential side effects of these drugs.READ MORE
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