FDAnews Drug Daily Bulletin

EDISON PHARMACEUTICALS CLOSES SERIES A PREFERRED STOCK OFFERING

Nov. 30, 2005
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Edison Pharmaceuticals, Inc. today announced the close of a $2.8M Series A Preferred Stock Offering. The $6.2M, raised through the Series A offering and $3.4M in recently awarded foundation grants, will be used to advance EPI-A0001 into clinical development for the treatment of inherited mitochondrial diseases. Separately, Edison has entered into Technology Transfer and Screening Agreements with Galileo Pharmaceuticals. As part of the transaction, Galileo obtained an equity stake in Edison, and will hold a seat on the Edison board of directors, which will be occupied by Mr. Peter Morris.

PR Newswire (http://sev.prnewswire.com/health-care-hospitals/20051128/SFTU04129112005-1.html)