By Jennifer Chiou
New York, Oct. 12 - Light Sciences Corp. announced it entered into an agreement to spin out subsidiary Light Sciences Oncology, Inc. in a $35 million in series A financing.
Essex Woodlands Health Ventures led the investors, which included Adams Street Partners, Johnson and Johnson Development Corp., China Development Industrial Bank and Larkspur Capital Corp.
"With this capital infusion, we are positioned to pursue this important Phase III clinical trial for a cancer that has been inadequately addressed by available treatments in the oncology field," president and chief executive officer Llew Keltner said in a news release.
Light Sciences will continue to retain full ownership in Visient Therapeutics, which is focused on the treatment of age-related macular degeneration, and Vascular Reconditioning, which is developing interventional approaches to atherosclerotic disease. However, the two companies may consider similar transactions in the future.
The company also announced Jeff Himawan and Craig Taylor will join the board of Light Sciences Oncology.
Based in Snoqualmie, Wash., Light Sciences develops therapeutics for proliferative diseases. The company's Light Infusion Technology is a combination product for solid tumors containing a photo-reactive agent activated by non-coherent light infusion devices.
| Issuer: | Light Sciences Corp.
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| Issue: | Preferred stock
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| Amount: | $35 million
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| Round: | Series A
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| Investors: | Essex Woodlands Health Ventures (lead), Adams Street Partners, Johnson and Johnson Development Corp., China Development Industrial Bank, Larkspur Capital Corp.
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| Announcement date: | Oct. 12
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