Regado Biosciences Inc., of Durham, N.C., completed a $23 million Series C round of financing. The company said its technology enables the rational design of drug-antidote pairs against any target accessible to the bloodstream.

Its lead product, REG1, is a direct-acting, antidote-controlled anticoagulant. Regado is developing the REG1 anticoagulation system as an antidote-reversible anticoagulant for use in coronary revascularization procedures, for use in patients suffering from acute coronary syndromes, and further as an anticoagulant in other indications.

The financing was led by new investor Caxton Advantage Life Sciences Fund, of New York, and existing investors Domain Associates, of Princeton, N.J., and Quaker BioVentures, of Philadelphia. Seed investor the Aurora Funds, of Durham, N.C., and individual investors also participated.

Regado raised $20 million in its Series B round of financing in August 2005. (See BioWorld Today, Aug. 16, 2005.)

In other financing news:

• Axial Biotech, of Salt Lake City, raised $15.3 million in a Series B financing. New investor Johnson & Johnson Development Corp. led the round, with participation from existing investors vSpring Capital and Ohio Biotech Group LLC. Proceeds will be used to complete development and prepare for the launch next year of a genetic test designed to identify which children with scoliosis will develop the progressive form of the disease and need surgery.

• Med BioGene Inc., of Vancouver, British Columbia, is selling 4 million units at C50 cents per unit in a private placement. Each unit will consist of one common share and one-half of one warrant to purchase a common share at C80 cents within 18 months. The private placement is scheduled to close around April 30, 2007, and will be used to develop and validate biomarkers through Med BioGene's Gene Expression Profiling System for diagnostic and prognostic applications. Shares of Med BioGene (TSX:MBI) fell 14 percent, or C9 cents, to close at C55 cents on Tuesday.

• Stem Cell Therapeutics Corp., of Calgary, Alberta, completed its previously announced C$2 million (US$1.7 million) private placement. The company sold 4 million units, each consisting of one common share and half a warrant to purchase a share at C75 cents to C$1. Proceeds will be used to prepare for Phase IIa data and Phase IIb trials with NTx-265 (human chorionic gonadotropin and erythropoietin) in stroke.

• ViroPharma Inc., of Exton, Pa., completed its previously announced offering of two percent convertible senior notes due March 2017 with an initial conversion price of $18.87 per share. The underwriters exercised their option to purchase an additional $25 million in notes, bringing the gross proceeds of the offering to $250 million. Net proceeds were $218.5 million after ViroPharma applied $23.3 million towards the cost of hedge transactions. The company paid approximately $92.2 million for a purchased call option to reduce dilution associated with the note conversion; it also sold warrants for approximately $69.0 million to purchase shares of its common stock at a strike price of $24.92 per share. Goldman, Sachs & Co. was the sole book-running manager for the offering, with Credit Suisse and Piper Jaffray & Co. serving as co-managers.