Elixir closes financing of equity and debt

Elixir Pharmaceuticals (therapeutics for metabolic disorders) closed a Series C private placement consisting of $31mm in equity and $15mm in debt. The equity financing was led by MPM Capital with participation from returning shareholders Arch Venture Partners and Oxford Bioscience Partners, and new backers CDIB Bioscience Venture Management, Jafco, and YFY Bioscience. The debt was sold to Hercules Technology Growth Capital. Elixir will use part of the funds for Phase III and regulatory activities for its Type II diabetes drug Glufast; preclinical studies of EX1314 for various metabolic disorders; and preclinical studies for a candidate to treat Type II diabetes and obesity.