By Debbie Strickland

After nine months in business, The Medicines Co. (TMC) has completed a private equity financing of $25 million.

Lead investors were BB Biotech AG, of Switzerland, and Warburg, Pincus Ventures L.P., of New York.

The Cambridge, Mass., company has "precisely one" drug candidate in its development portfolio, said Clive Meanwell, CEO. That drug is Hirulog (bivalirudin), a direct thrombin inhibitor the company is developing for interventional cardiology indications. (See BioWorld Today, March 26, 1997, p. 1.)

"Investors recognize our ability to execute efficiently final development and launch steps for Hirulog in a rapidly evolving environment," said Meanwell. "In addition to their financial commitment, these investors offer ongoing strategic support of our business."

Proceeds from the financing will be used to develop Hirulog and fund future product acquisitions. The company plans to initiate clinical studies later this year, with Hirulog's market launch possible in 1999.

The drug is derived from hirudin, a natural anticoagulating enzyme secreted by leeches, and was under development as a substitute for heparin.

Three years ago, Hirulog failed to achieve statistical significance in Phase III trials for preventing cardiac complications associated with angioplasty, but its developer, Biogen Inc., also of Cambridge, noted at the time that the drug performed well in certain patient subgroups.

In March 1996, Biogen announced that in a multicenter trial, Hirulog had shown a statistically significant improvement compared to heparin in opening blood vessels of patients suffering heart attacks. In the 1994 Phase III angioplasty trial, the drug showed improved efficacy compared to heparin in a prospective cohort of high-risk patients and a reduction of more than 50 percent in major bleeding complications.

TMC acquired the drug in March from Biogen in a licensing deal worth up to $30 million, including up-front fees, milestone payments, development commitments and royalties. *