Vertex Pharmaceuticals has raised $15 million through the sale of1.2 million shares of common stock to a European investor.
Lynne Brum, director of corporate communications for theCambridge, Mass.-based company, said the stock was sold for$12.50 per share and the buyer, who was not identified, has agreednot to resell the shares for at least one year.
The private placement of stock increases the company's outstandingshares to about 17.2 million. Brum said with the $15 million,Vertex's cash and marketable securities total $109 million and thecompany has a projected burn rate of between $16 million and $17million for 1994.
The new financing, Brum said, has not been earmarked for aparticular drug development program. The company has threecompounds in clinical development, two for hemoglobin disordersand a third targeting multi-drug resistance in patients with both bloodand tumor cancers.
Vertex's VX-105, a compound designed to activate the gene forhemoglobin F, is being evaluated in Phase II trials for treatment ofsickle cell anemia and beta thalassemia. VX-105 is administered byinfusion. Vertex also has developed a related compound, VX-366,which is administered orally for the same two indications.
Earlier this week, Vertex began a Phase I clinical trial of anothercompound, VX-710, to overcome multidrug resistance in cancerpatients receiving taxol. The company expects to expand the study inearly 1995 to include patients undergoing treatment withdoxorubicin.
Vertex also is developing a protease inhibitor, called VX-478, totreat AIDS and HIV infection. The company has two partners in theprogram, Burroughs Wellcome Co., of Research Triangle Park, N.C.,and Kissei Pharmaceutical Co. Ltd., of Matsumoto, Japan. _Charles Craig
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