Radius Raises $43 Million Series B After Withdrawn IPO
Published: Apr 25, 2013
CAMBRIDGE, MA--(Marketwired - April 25, 2013) -
Radius Health plans to use the funding to support the continued advancement of the company's clinical development programs for its lead asset, BA058, a novel anabolic, bone-building compound for the treatment of patients with osteoporosis at high risk of fracture. BA058-SC, an injectable form of BA058, is currently in a Phase 3 trial. BA058-TD, is in a Phase 2 trial studying the efficacy of delivering BA058 via a transdermal patch.
The financing was led by F2 Biosciences III, L.P., with participation from existing investors, Biotech Growth N.V., MPM Capital, Brookside Capital, MPM Bio IV NVS Strategic Fund and BB Biotech Ventures. Morana Jovan-Embiricos, PhD, Managing Partner at F2 Biosciences, and Owen Hughes, Chief Business Officer and Head of Corporate Development at Intarcia Therapeutics and formerly a Director at Brookside Capital, will join Radius' Board of Directors.
"We are thankful for the support of our current and new investors, and we welcome Morana and Owen to the Board," stated Michael S. Wyzga, President & CEO of Radius Health.
Mr. Wyzga continued, "Our recently reported interim blinded safety data for clinical fractures occurring in the Phase 3 trial and the completion of enrollment in both the subcutaneous Phase 3 and the short-wear time patch Phase 2 trials demonstrate solid progress toward our goal of commercializing this compound. Osteoporosis is a large market. Currently available treatments do not adequately serve the needs of patients, especially those at high risk of fracture."
Morana Jovan-Embiricos, lead investor and Managing Director of F2 Biosciences, said, "This is an important time for Radius Health in the late-stage clinical development of BA058 as an injectable and a short-wear time transdermal patch. We recognize the global market need for this novel agent, and we are delighted to join the rest of the Board and support the company through the final stages of development."
About F2 Biosciences
The F2 family of life science funds was established by Morana Jovan-Embiricos, with the launch of F2 Ventures in 2003. In 2010, F3 Ventures followed. Through various vehicles, the F2 family of funds has managed over $300M in life sciences on public and private markets.
About Radius Health
Radius Health is a biopharmaceutical company focused on developing new therapeutics for the treatment of osteoporosis and other women's health conditions. Radius is committed to the development of advanced therapeutics for the large and underserved osteoporosis market. The company's lead product candidate, BA058-SC, is in development to reduce the risk of complications associated with osteoporosis, such as fracture. The company also has a next-generation transdermal patch, BA058-TD, being developed as a short wear-time delivery vehicle intended to improve patient compliance with convenience and ease of use, as well as a product in development to treat symptoms associated with menopause. Radius and 3M Drug Delivery Systems have an exclusive partnership agreement for development and commercial supply of BA058-TD. Learn more by visiting the company's new website at www.RadiusPharm.com.
Safe Harbor for Forward-Looking Statements
Any statements made in this press release relating to future financial or business performance, conditions, plans, prospects, trends, or strategies and other financial and business matters, including without limitation, the prospects for BA058-SC and BA058-TD, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In addition, when or if used in this press release, the words "may," "could," "should," "anticipate," "believe," "estimate," "expect," "intend," "plan," "predict" and similar expressions and their variants, as they relate to Radius or its management, may identify forward-looking statements. Radius cautions that these forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time. Important factors that may cause actual results to differ materially from the results discussed in the forward-looking statements or historical experience include risks and uncertainties, including the failure by Radius to secure and maintain relationships with collaborators; risks relating to clinical trials; risks relating to the commercialization, if any, of Radius' proposed product candidates (such as marketing, regulatory, patent, product liability, supply, competition, and other risks); dependence on the efforts of third parties; dependence on intellectual property; and risks that Radius may lack the financial resources and access to capital to fund our operations. Further information on the factors and risks that could affect Radius' business, financial conditions and results of operations are contained in Radius' filings with the U.S. Securities and Exchange Commission, which are available at www.sec.gov. The forward-looking statements represent Radius' estimate as of the date hereof only, and Radius specifically disclaims any duty or obligation to update forward-looking statements.
© 2013 Radius Health Inc.
David Connolly or Donna LaVoie
617-374-8800, Ext. 104/105
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