Achillion Pharmaceuticals (NASDAQ:[[ticker:ACHN]]), a New Haven, CT-based developer of infectious disease drugs, said today it expects to raise $50.1 million in a private sale of the firm’s common stock and warrants. The investors in the private placement include Domain Associates, Clarus Ventures, Quaker BioVentures, and Pappas Ventures, according to Achillion. The company plans to use the funding to advance its pipeline of drugs against hepatitis C virus, including its protease inhibitor for the chronic liver-damaging disease that is expected to enter Phase II clinical trials next month. The private placement deal is expected to close on August 20, according to the company.
Author: Ryan McBride
Ryan is an award-winning business journalist who contributes to our life sciences and technology coverage. He was previously a staff writer for Mass High Tech, a Boston business and technology newspaper, where he and his colleagues won a national business journalism award from the Society of American Business Editors and Writers in 2008. In recent years, he has made regular TV appearances on New England Cable News.
Prior to MHT, Ryan covered the life sciences, technology, and energy sectors for Providence Business News. He graduated with honors from the University of Rhode Island in 2001 with a bachelor’s degree in communications. When he’s not chasing down news, Ryan enjoys mountain biking and skiing in his home state of Vermont.
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