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Radius Announces Closing of $91 Million Financing to Advance BA058 Injection into Phase 3 Osteoporosis Study
Date:5/24/2011

CAMBRIDGE, Mass., May 24, 2011 /PRNewswire/ -- Radius Health, Inc. ("Radius") today announced that the company has raised approximately $91 million in its third financing round, including $66 million in equity financing and a commitment by GE Capital, Healthcare Financial Services and Oxford Finance LLC to a $25 million multi-draw term loan facility. Five new investors, including BB Biotech AG, Brookside Capital, Saints Capital, Nordic Bioscience ("Nordic"), and Ipsen Pharma SAS ("Ipsen") joined existing investors MPM Capital, BB Biotech Ventures, MPM Bio IV NVS Strategic Fund, The Wellcome Trust, HealthCare Ventures, and Scottish Widows Investment Partnership in the equity financing. At the initial closing of the financing, Radius received gross proceeds of $22 million in equity and $6.25 million in debt, and $1.4 million of preferred stock was issued to Ipsen in lieu of a cash milestone payment. Radius will receive the balance of funds in two subsequent tranches upon written request to its investors and lenders. Leerink Swann acted as exclusive placement agent for the equity financing.

Radius will use the proceeds primarily to fund Phase 3 clinical development of the subcutaneous injection form of BA058, the company's novel, proprietary PTHrP (parathyroid hormone-related protein) analog, for the treatment of osteoporosis. Data from the study are intended to form the primary basis for an efficacy claim to support applications for marketing authorization of BA058 Injection in the United States and Europe.

"We are very pleased to have the confidence of such a prominent group of investors in BA058's future prospects, and the benefit of Nordic's expertise in our Phase 3 program," said C. Richard Lyttle, PhD, President and Chief Executive Officer of Radius. "The addition of the term loan facility further strengthens our ability to work aggressively to complete our Phase 3 study and to evaluate partnering opportunities, with minimum dilution to our inves
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SOURCE Radius
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