Radius Health raised $27.65 million in the second stage of a $91 million, three-tranche round of financing, to push on with Phase III trials of its anabolic drug for treating osteoporosis. The funds come in the form of $21.4 million in equity financing from Radius’ current investors and another $6.25 million in debt financing from GE Capital, Healthcare Financial Services, and Oxford Finance. Gross proceeds of $57.3 million have been received to date from the $91 million financing.
Radius’ BA058 is a parathyroid hormone-related protein (PTHrP) analog in development for treating osteoporosis. A subcutaneous injection formulation of the drug is in Phase III development, and a microneedle patch product is in Phase I development. Radius and 3M Drug Delivery Systems inked a deal to collaborate on the development of BA058 using the latter’s microneedle technology in May.
“With the additional funding, we will continue our company strategy of moving quickly to execute on the pivotal Phase III study of BA-58 Injection and prepare for initiation of Phase II for the transdermal BA058 Microneedle Patch, “ comments Nick Harvey, Radius CEO.
Radius claims BA058 has a number of advantages over PTH, including greater efficacy, a faster onset of benefits, a shorter course of therapy, no need for refrigeration when storing, and an improved safety profile due to minimized hypercalcemia and no significant bone resorption. The firm’s clinical pipeline includes a selective estrogen receptor modulator, RAD1901, which is in Phase II development as an oral therapy for relieving vasomotor symptoms (hot flashes) during the menopause. A preclinical candidate, RAD140, is an oral selective androgen receptor modulator in development as a potential therapy for age-related muscle loss, frailty, weight loss associated with cancer cachexia, and osteoporosis.