Ex-Pfizer Inc. (PFE) and Lipitor Drug Developer Closes $33 Million New Cholesterol Drug
5/6/2013 8:10:18 AM
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When Roger Newton started the first Esperion Therapeutics in 1998, he raised more than $200 million and sold his company to Pfizer for $1.3 billion. Now in its second life, the Plymouth Township-based drug development company closed a new $33 million round of funding last week. The funding will allow the company continue its growth as it develops a drug that could help people who have negative reactions to Lipitor lower their cholesterol. The investment round, the largest in Ann Arbor since medical device company CytoPherx raised $34 million last year, was not easy to close. “Ever since the global financial crisis in 2008, if you talk to anyone in the biotech industry they would say it is much harder,” said CEO Tim Mayleben, who rejoined the company last December.
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