Radius Passes Clinical Milestone, Collects $28.3 Million
Cambridge, MA-based Radius Health announced today that it has collected $28.3 million in the second tranche of its Series C financing. The new closing, which was triggered when Radius finished enrolling patients for a Phase 2 trial of its lead candidate, an osteoporosis treatment, brings the amount raised in the round to $67.5 million.
All told, Radius has pulled in more than $90 million in institutional financing since it was founded in 2003 under the name Nuvios by researchers from Harvard Medical School, Tufts, the University of Illinois at Urbana-Champaign, and the University of Arkansas for Medical Sciences. (Although to make things a bit more complicated, the company’s history dates back to a startup called Anabonix that was founded in 1999 to commercialize a different approach to treating osteoporosis, developed at the University of Arkansas for Medical Sciences. Radius in-licensed the osteoporosis drug that’s now entering Phase 2 trials from the European pharmaceutical group Ipsen in 2005.)
Radius’ new round of financing comes from existing investors MPM Capital, The Wellcome Trust, HealthCare Ventures, Oxford Bioscience Partners, BB Biotech Ventures, and Scottish Widows Investment Partnership. The company intends to use the funds to support the development of its lead drug candidate and three others, which target women’s health applications such as menopausal symptoms and endometriosis.