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Talon gets first $11mm from new Warburg/Deerfield financing commitment
24 Jan 2012
Executive Summary
Talon Therapeutics Inc. (nanoparticle drug delivery for oncology) entered into an investment agreement under which Warburg Pincus and Deerfield Management could purchase up to $71mm of the company’s preferred stock. In the initial closing, the investors bought 110k shares of Series A-2 preferred stock at $100 per share, for proceeds to the company of $11mm. The shares are convertible to common at $0.30 each (Talon stock averaged $0.44 at the time of the sale). Warburg and Deerfield could buy an additional $60mm in Series A-3 preferred shares, which are convertible into common at $0.35 apiece. Proceeds will be put towards gaining FDA approval of Marqibo, a liposome-encapsulated form of vincristine that is in development for adult Philadelphia chromosome (Ph) negative acute lymphoblastic leukemia and adult aggressive non-Hodgkin’s lymphoma. The therapy has a PDUFA date of May 13, 2012. The current financing arrangement replaces a similar agreement signed between all of the parties in 2010. Terms of that deal called for a total investment of $100mm, of which $40mm was received at signing and another $60mm was pending. (The remaining portion of that financing has now been terminated.)
Deal Industry
Biotechnology
Pharmaceuticals
Pharmaceuticals
Drug Delivery
Deal Status
Final
Deal Type
Financing
Other
Private Placement
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