By Lisa Kerner
Charlotte, N.C., July 24 - Prestwick Pharmaceuticals, Inc. said it completed a $60 million round of series C financing.
Proceeds will be used to develop and commercialize its pipeline of product candidates for the treatment of central nervous system disorders, including Prestwick's lead product candidate Xenazine (tetrabenazine), currently under review by the Food and Drug Administration for the treatment of chorea associated with Huntington's disease.
New investor Warburg Pincus led the financing round, joined by existing investors including Atlas Venture, BA Venture Partners, CNF Investments, Pequot Ventures, Sofinnova Ventures and Vivo Ventures.
Prestwick received $30 million initially and will receive the additional $30 million once certain conditions are met, according to a company news release.
Commenting on the investment, Stewart Hen, a managing director at Warburg Pincus, will join Prestwick's board of directors.
Prestwick is a product-based specialty pharmaceutical company based in Washington, D.C.
| Issuer: | Prestwick Pharmaceuticals, Inc.
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| Issue: | Series C financing
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| Amount: | $60 million
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| Investors: | Warburg Pincus (lead), Atlas Venture, BA Venture Partners, CNF Investments, Pequot Ventures, Sofinnova Ventures, Vivo Ventures
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| Announcement date: | July 24
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