Date: 2016-09-12
Type of information: Fundraising
Company: Angionetics (USA - CA)
Investors: Huapont Life Sciences (China)
Amount: $3 million (€2.7 milion)
Funding type: equity investment
Planned used: The investment is intended to support the Generx® [Ad5FGF-4] Phase 3 clinical and commercialization development program and to advance Angionetics' business plan to operate independent of Taxus Cardium.
Others: * On July 11, 2016, Angionetics Inc., a wholly-owned subsidiary of Taxus Cardium Pharmaceuticals announced that, an entity affiliated with Huapont Life Sciences has entered into an agreement covering a $3,000,000 private equity investment, to acquire a 15% preferred stock equity stake in Angionetics. Under the agreement, the Angionetics private preferred stock equity investment will be made in two tranches. An initial investment of $1,000,000 has been paid and the remaining $2,000,000 will be paid upon FDA clearance of Angionetics to initiate a new U.S.-based Phase 3 clinical study (the AFFIRM study) to evaluate the continued safety and definitive efficacy of the Generx® [Ad5FGF-4] product candidate for the treatment of patients with ischemic heart disease and refractory angina. With the support of Taxus Cardium's long-term strategic investor, Shanxi Taxus Pharmaceuticals, this new equity investment and Generx® sublicensing with the Huapont Life Sciences' affiliate stands in place of a previously reported agreement between Shanxi Taxus and Taxus Cardium which was not effected.
The Angionetics preferred stock automatically converts into Angionetics common stock concurrent with the completion of an initial public offering by Angionetics. Huapont will have a right to name one director to the Angionetics Board of Directors, and has certain participation rights to invest in future planned Angionetics equity financings.
Therapeutic area: Cardiovascular diseases
