By Jennifer Chiou
New York, Jan. 5 - Avid Radiopharmaceuticals, Inc. announced it closed on $8.9 million in a round of financing that included new investments and convertible note conversions.
Pfizer Strategic Investments Group led investors, which included Lilly Ventures, the venture capital arm of Eli Lilly and Co., RK Ventures, LLC and BioAdvance.
"Despite advances in research and treatment, Alzheimer's disease remains an area of unmet medical need," Ilya Oshman, vice president of Pfizer Strategic Investments Group, said in a news release.
"Avid's novel molecular imaging agents have the potential to speed the development of new agents to accurately diagnose and treat Alzheimer's patients, and we are pleased to join in the first institutional round for this promising company."
Avid said it intends to use proceeds to support preclinical and clinical studies of its compounds that bind to and image the chief constituent of amyloid plaque, a major feature of Alzheimer's disease.
Based in Philadelphia, Avid Radiopharmaceuticals develops molecular imaging agents for detecting Alzheimer's disease.
| Issuer: | Avid Radiopharmaceuticals, Inc.
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| Issue: | Stock
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| Amount: | $8.9 million
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| Investors: | Pfizer Strategic Investments Group (lead), Lilly Ventures, RK Ventures, LLC, BioAdvance
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| Announcement date: | Jan. 5
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