Gilead Sciences Inc. has raised more than $20 million in a thirdround of venture financing, the company announced Tuesday.
The money will be used to expand Gilead's research programsand to fund preclinical and clinical development of itsoligonucleotide-based therapeutics for the treatment of viraldiseases, cancer and cardiovascular disease.
The financing, led by J.H. Whitney & Co., included previousinvestors Menlo Ventures; Venrock Associates; ConcordPartners; The Vista Group; Merrill, Pickard, Anderson & Eyre;John Hancock Venture Capital and Abingworth Management Ltd.
New investors were Chemical Venture Partners; Singapore Bio-Innovations Pte Ltd., a wholly owned subsidiary of theEconomic Development Board of Singapore; and H&Q HealthcareInvestors.
Gilead raised $12 million in two previous rounds of financingsince 1987. The Foster City, Calif., company raised anadditional $8 million in July 1990, when Glaxo Holding plcmade an equity investment as part of a five-year researchprogram to develop cancer therapeutics. Glaxo also put in $12million in R&D funding. -- Karen Bernstein
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