Irvine Drug Firm Gets Boost of $10 Million
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NeoTherapeutics Inc. said Monday it has received $10 million in financing from two institutional investor groups.
The Irvine company said the financing, among other things, should allow it to complete the second phase of its clinical development program for Neotrofin, a potential treatment for Alzheimer’s disease.
NeoTherapeutics said the investors, who were not identified, bought $10 million of the company’s common stock in November. The debt in the most recent financing eventually could be converted into NeoTherapeutics stock.
The biopharmaceutical company’s stock closed at $17.19, off 75 cents, in Nasdaq trading.
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