US-based pharmaceutical company Radius Health closed the second of an already secured three tranche funding round on Wednesday, worth $27.7m. Radius has now received $57.3m out of a $91m total for the round.
Included in the $27.7m figure was $6.2m in debt financing provided by GE Capital’s Healthcare Financial Services, a corporate venturing unit attached to industrial conglomerate General Electric, and medical-focused financial services firm Oxford Finance.
Radius did not disclose the specific identity of any additional backers in the round, stating only that the equity was obtained by written request to the company’s current investors, which also include biopharmaceutical companies Nordic Bioscience and Ipsen.
Additional Radius investors include venture capital (VC) firms Healthcare Ventures and Saints Capital, investment firm BB Biotech, private equity (PE) firm MPM Capital, asset manager Scottish Widows Investment Partnership, medical research foundation Wellcome Trust and Brookside Capital, an affiliate of PE firm Bain Capital.
The $91m figure was negotiated in May, when Radius received the first tranche at the same time as it merged with unlisted public reporting shell company MPM Acquisition Corp. When all three tranches of the round have been received, Radius will have raised $172.5m since its inception.
Radius is planning to use the second tranche to finance the advance Phase 3 clinical studies of its bone building drug for osteoporosis sufferers, known as BA058.
Nick Harvey, chief financial officer of Radius, said: "Our goal is to provide a new treatment option for patients with osteoporosis that builds new bone, reduces risk of future fractures, improves convenience, and optimises patient outcomes."