By Elaine Rigoli
Tampa, Fla., July 11 - Synta Pharmaceuticals Corp. said Tuesday that it has closed a $40 million convertible preferred share equity financing from a combination of existing and undisclosed new institutional investors to advance multiple clinical and preclinical programs.
Synta said it will use the funds to complete ongoing trials for its anti-inflammatory compound apilimod mesylate (STA-5326), a first-in-class oral inhibitor of IL-12 and Il-23, and for its anticancer compounds STA-4783 and STA-5312.
It will also advance its calcium release activated calcium ion channel program for immune disorders, its heat shock protein 90 (Hsp90) inhibitor anticancer program and certain other new programs.
Synta is a biopharmaceutical company located in Lexington, Mass.
| Issuer: | Synta Pharmaceuticals Corp.
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| Issue: | Convertible preferred share equity financing
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| Amount: | $40 million
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| Announcement date: | July 11
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