Wednesday, February 22, 2006

Cadence Pharmaceuticals Gets $60.8M In Funding, Licenses Product

San Diego-based Cadence Pharmaceuticals has raised $60.8M in financing in a combination of equity and debt. The firm, which is focused on developing biopharmaceuticals for hospitals, also said that it acquired the development and commercialization rights to an intravenous formulation of acetaminophen (IV APAP) from Bristol-Myers Squibb. Cadence said that the equity funding of $53.8M was led by Frazier Healthcare Ventures, and included participation from Versant Ventures, Technology Partners, and existing investors Domain Associates, ProQuest Investments, BB Biotech Ventures, CDIB BioScience Venture Management, and other private investors. Alan Frazier of Frazier Healthcare Ventures and Brian Atwood of Versant Ventures have joined the company's board. Cadence said the funding will be used to fund its development of IV APAP and make an up-front payment to Bristol-Myers Squibb. More information »