NEW YORK (GenomeWeb News) — Ecopia BioSciences and Caprion Pharmaceuticals today said they received $45 million in a private placement tied to their merger.
The firms had said they expected to raise between $30 million and $45 million in the placement, which is being handled by the securities companies Desjardins and Dundee.
The companies said they will use the funding for drug development after they complete their merger to form a new company to be called Thallion Pharmaceuticals. The firms had planned to call the new company Amalco.
As GenomeWeb News reported in January, the companies said they plan to divest Caprion’s CellCarta proteomics unit in 2007, which would leave Thallion to focus on oncology and infectious disease therapeutics.
Caprion President and CEO Lloyd Segal will serve as CEO of the new company.
Ecopia President and CEO Pierre Falardeau said the funds from the offering will “allow Thallion to drive the development of all thee of its clinical products.”