Cytori Therapeutics Inc., of San Diego, said it closed and received the net proceeds from the subscription agreements with certain institutional investors entered into May 30, to raise $10 million. WBB Securities LLC acted as placement agent for the offering.
Zafgen Inc., of Cambridge, Mass., which filed in April with the SEC, announced terms for its initial public offering (IPO), planning to raise $75 million from 5 million shares at a price range of $14 to $16. The company is targeting the obesity market with beloranib, a first-in-class selective methionine aminopeptidase 2 (MetAP2) inhibitor. Blocking MetAP2 is believed to reduce the production of new fatty acid molecules by the liver and help to convert stored fats into useful energy. (See BioWorld Today, April 22, 2014.)
ZS Pharma Inc., of Coppell, Texas, has set terms for its initial public offering, seeking to raise $80 million, from 5 million shares at a price range of $15 to $17. The firm is developing ZS-9, designed to treat hyperkalemia. The compound, a microporous, fractionated, protonated zirconium silicate designed to selectively bind and remove potassium, provides a mechanism to treat hyperkalemia without affecting other electrolytes. The company's first-in-human phase II study, ZS002, was completed in May 2012, followed by an initial phase III study, ZS003, completed in Nov. 2013. (See BioWorld Today, May 16, 2014.)