Another Setback for Cadence, Stimulus Funds Help Fuel Life Sciences Jobs, Tioga Gets More Funding for Drug Trial & More San Diego Life Sciences News
Some local biotechnology companies landed funding deals during the past week. We’ve got that and other highlights below.
—Tioga Pharmaceuticals raised $18 million in private equity to fund a late-stage clinical trial of asimadoline, its experimental drug for irritable bowel disorder.
—San Diego received $4.95 million of $225 million in stimulus funding awarded nationwide to increase educational, training, and placement services for people seeking local life sciences and health care jobs.
—The FDA told Cadence Pharmaceuticals (NASDAQ: CADX) it found production problems at the contract manufacturing plant that produces Cadence’s intravenous form of acetaminophen, a situation that must be rectified before the drug can be approved.
—Carlsbad, CA-based Verdezyne raised $9 million in an ongoing $15.2 million venture round. The industrial biotechnology company will use the funds to validate its technology for making adipic acid, a key feedstock chemical for production of nylon.