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news.Point Biomedical has closed $25 million, the first tranche of a $50 million private equity financing led by Vedanta Capital. Point expects to draw the second tranche in the second quarter of 2008, upon the achievement of certain milestones.
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The company will use the proceeds to complete the clinical development of its lead product, CARDIOsphere (PB127). Parag Saxena, co-founder and managing partner of Vedanta Capital, and Larry Posner will join Point’s Board of Directors.
Tom Feldman, president and CEO of Point Biomedical, said: “This financing will allow us to complete the clinical trial programs required for submission of our amended NDA for CARDIOsphere, and to begin preparations for commercialization into a significant market where we anticipate substantial growth in the next few years.”