Sophiris Raises $2M In PIPE

San Diego-based Sophiris Bio said this morning that it has raised $2M in funding from Aspire Capital Fund, and received commitments of up to $13M more, to help fund its efforts to develop a treatment for localized prostate cancer. Publicly held Sophiris Bio said that Aspire Capital has agreed to purchase 604,320 common shares of its stock at $3.31 per share, and will purchase the additional $13M in shares over the next 30 months, based on the market pricing of the company's stock at the time. The company said the news fund will provide additional "financial flexibility" for the company.