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GEN News Highlights : May 21, 2009

Avid Radiopharmaceuticals Secures $34.5M to Progress Molecular Imaging Agents

Funds will support Phase III studies, NDA filing, and potential launch of amyloid imaging compound.

Avid Radiopharmaceuticals completed the first closing of a $34.5 million series D financing. Avid will use the proceeds primarily to fund final development stages and, if approved, to commercialize its Alzheimer’s amyloid imaging compound, 18F-AV-45. Additionally some of the money will be invested into Phase II trials with its Parkinson’s disease imaging compound, 18F-AV-133, and general working capital needs.

Alta Partners led the round, and participating companies included existing investors AllianceBernstein, Safeguard Scientifics, Pfizer Venture Investments, Lilly Ventures, RK Ventures Group, and BioAdvance.

Avid reports that 18F-AV-45 was the first amyloid imaging compound to enter multicenter, IND-approved, clinical studies in the U.S. It has now been studied in more than 350 individuals, ranging from cognitively normal individuals to those with Alzheimer’s disease.

Avid is also providing 18F-AV-45 to measure amyloid burden as a biomarker in Phase II and Phase III trials of experimental disease-modifying agents under development by pharmaceutical company collaborators.

18F-AV-133 is targeted to the vesicular monoamine transporter to image neurodegeneration in dementia with Lewy bodies and Parkinson’s. Avid also has a Phase I program in imaging beta cell mass in type 1 and type 2 diabetes mellitus.