A Medical Device Daily

Acusphere (Watertown, Massachusetts) said it has closed its transaction with Cephalon (Frazer, Pennsylvania), which will provide the company with $20 million in immediate financing through the issuance of a $15 million senior secured convertible note and a $5 million upfront fee for an exclusive worldwide license to AI-525, a preclinical-stage injectable formulation of celecoxib using Acusphere's Hydrophobic Drug Delivery System (HDDS) technology.

Acusphere is a specialty pharmaceutical company that develops new drugs and improved formulations of existing drugs using its microsphere technology. Its lead product candidate, Imagify (Perflubutane Polymer Microspheres) for Injectable Suspension, is a cardiovascular drug for the detection of coronary artery disease.

Imagify is designed to enable ultrasound to compete more effectively with nuclear stress testing, the leading procedure for detecting coronary artery disease.