With New Data For A Drug In Dispute, Aragon Raises $50 Million
This article was originally published in The Pink Sheet Daily
The San Diego biotech’s Series D round will support continued development of a drug that Medivation claims was included in the same license that covered the recently approved prostate cancer drug Xtandi.
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The buyout gives J&J Aragon’s androgen receptor inhibitor similar to Medivation’s Xtandi, a potential blockbuster and competitor. In the process, Aragon’s investors will back new spinout Seragon, created to house an estrogen receptor blocker.
Plus news on recent financings by Regulus, Aragon, Antabio and Asceneuron.
Medivation/Astellas’ Xtandi was approved barely a month after FDA announced it had accepted its NDA for post-chemo castration-resistant metastatic prostate cancer, and the newly approved androgen blocker appears to have what it takes to unseat J&J’s market leader Zytiga.