By Kimberly N. Alleyne
Stroudsburg, Pa., Aug. 25 - Adiana, Inc. announced Thursday it has completed a $23 million private equity financing and will use the funds to complete clinical trials for its new product and to get regulatory approval. This will enable it to launch its product in early 2006.
Tullis-Dickerson & Co. led the series D round along with Adiana's current investors. A new investor, OrbiMed Advisors also participated.
The company also announced that Joan P. Neuscheler of Tullis-Dickerson and Jonathan T. Silverstein of OrbiMed will join its board of directors. Adiana's chief executive officer, Paul Goeld said the company is very excited about the investments from Tullis-Dickerson and OrbiMed and feels they will complement their existing board.
Adiana is currently developing a permanent contraceptive for women that is being evaluated in clinical trials. Results of the trials are expected to be submitted to the Food and Drug Administration in 2006. Adiana is headquartered in Redwood City, Calif.
| Issuer: | Adiana, Inc.
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| Issue: | Venture Capital
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| Round: | D
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| Amount: | $23 million
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| Investors: | Tullis-Dickerson & Co. (lead), Alloy Ventures, Boston Scientific Corp., Delphi Ventures, Abingworth Management, Forward Ventures, Oakwood Medical Partners and Kaiser Permanente Foundations
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| Announcement date: | Aug. 25
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