FerroKin BioSciences announces closing of $12M financing

Jun 18 2010

FerroKin BioSciences, a biotechnology company developing a new therapy for the treatment of iron overload, today announced the closing of a $12 million financing. Participants in the financing include current investors Burrill & Company, Celgene Corporation (CELG), Clarus Ventures and MP Healthcare Venture Management, Inc., with Healthcap Ventures of Stockholm participating as a new investor.

"We are very gratified with the interest generated by this financing and the support from current and new investors as we address the need for new treatments for iron overload," said Hugh Young Rienhoff, Jr., MD, Founder and Chief Executive Officer of FerroKin BioSciences. "This additional financing allows FerroKin to both expand and accelerate our development program for FBS0701, and further characterize the benefits of this promising molecule."