SOUTH PLAINFIELD, N.J., March 7, 2013 /PRNewswire/ -- PTC Therapeutics, Inc. (PTC) today announced the successful completion of a $60 million financing led by Brookside Capital Partners Fund, L.P. Joining Brookside as new investors in this financing are Adage Capital Management, Jennison Associates L.L.C. (on behalf of fund clients), Longwood Fund and additional top-tier institutional investors. In conjunction with the investment, Adam Koppel , M.D., Ph.D., Managing Director of Brookside Capital Partners Fund, L.P., and Richard Aldrich , Co-founder and Partner of Longwood Fund, will join PTC's Board of Directors. Credit Suisse First Boston, HBM Healthcare Investments Ltd., Vulcan Capital, Celgene, Delphi Ventures, Novo A/S, The Column Group and other existing investors also participated in the transaction.
"This substantial financing enables PTC to continue to pursue the regulatory approval and delivery of ataluren to patients," stated Michael Schmertzler , Chairman of the Board. "PTC's Board of Directors welcomes the breadth of support and expertise of our new investors."
Proceeds from this financing will support continued clinical development of ataluren in Duchenne muscular dystrophy and cystic fibrosis. PTC is initiating a Phase 3 confirmatory trial of ataluren in patients with nonsense mutation Duchenne muscular dystrophy (nmDMD) with the goal of commencing enrollment in the first half of 2013. PTC also is developing ataluren for nonsense mutation cystic fibrosis (nmCF). The company has worldwide development and commercial rights to ataluren in all indications and territories.
"We are honored to have the support of our new and existing investors," said S
SOURCE PTC Therapeutics, Inc.
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