ZymoGenetics (NASDAQ: [[ticker:ZGEN]]) said today it has received a $100 million funding commitment from Deerfield Management, a biotech hedge fund. The Seattle-based company can draw the money in $25 million increments anytime over the next 18 months, and plans to use it to build its business with Recothrom, a drug for surgical bleeding. Deerfield will get a 2 percent royalty on Recothrom sales for every $25 million request by ZymoGenetics, the company said.
Author: Luke Timmerman
Luke is an award-winning journalist specializing in life sciences. He has served as national biotechnology editor for Xconomy and national biotechnology reporter for Bloomberg News. Luke got started covering life sciences at The Seattle Times, where he was the lead reporter on an investigation of doctors who leaked confidential information about clinical trials to investors. The story won the Scripps Howard National Journalism Award and several other national prizes. Luke holds a bachelor’s degree in journalism from the University of Wisconsin-Madison, and during the 2005-2006 academic year, he was a Knight Science Journalism Fellow at MIT.
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