By Angela McDaniels
Seattle, Jan. 9 - Protein Sciences Corp. said it has obtained $6 million in financing from Diamyd Medical AB of Sweden, Pacific Rim Ventures Co. Ltd. of Japan and a family fund.
This brings the total amount raised in the past 18 months to roughly $9 million, all of which is now represented by series F notes that will become equity by the end of 2006, according to a company news release.
In a separate but related event, the company said it will prepare and file an Investigational New Drug Application with the Food and Drug Administration for the Diamyd's lead product, a therapeutic diabetes vaccine, and will manufacture clinical materials, including a product suitable for phase 3 human clinical trials.
"We are extremely pleased with these two events. The funds raised earlier allowed us to conduct a highly successful phase 2/3 field trial of FluBlOk, our patented, recombinant influenza vaccine, which resulted in FDA granting our vaccine 'accelerated approval' status," president and chief executive officer Daniel D. Adams said in the release.
"We believe the new funds are sufficient to allow us to take advantage of that status and secure market approval for FluBlOk in less than two years.
"By structuring the financing so that all previous debt converted into series F notes, we insure that we will be debt-free not later than the end of this year."
Protein Sciences is a biotechnology company based in Meriden, Conn., that uses recombinant DNA technology to develop and manufacture protein-based vaccines, diagnostics and therapeutics.
Issuer: Protein Sciences Corp.
| Issue: | Series F notes
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| Amount: | $6 million
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| Investors: | Diamyd Medical AB, Pacific Rim Ventures Co. Ltd., a family fund
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