CV Therapeutics Inc. on Thursday announced that it hascompleted its second private financing, raising $6.9 million.
The Mountain View, Calif., development-stage pharmaceuticalcompany has raised $13 million since its inception in 1992.Participants in the just-completed, oversubscribed financingincluded new investors Sofinova, Piper Jaffray and SchroderVentures, as well as the company's original investor group,Institutional Venture Partners, Delphi BioVentures, AssetManagement Co., Sequoia Capital and Frazier & Co., thecompany said.
Capital raised from the private placement will be used toadvance the company's clinical programs in cholesterolreduction and restenosis, and to fund overall growth, said LouisLange, chairman and chief executive.
CV Therapeutics (CVT) and Stanford University researcherVictor Dzau began a collaboration with Genta Inc. in April todevelop and commercialize antisense drugs for preventing andtreating restenosis. CVT and Genta are co-licensees to theexclusive worldwide rights of the Stanford antisensetechnology.
Privately held CVT is working to develop cost-effectivetreatments for cardiovascular diseases, particularlyatherosclerosis, based on molecular cardiology.
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