Acusphere nets $20M from Cephalon transaction

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Acusphere, a contrast agent developer, has closed its previously announced transaction with Cephalon, and has gained $20 million in immediate financing through the issuance of a $15 million senior secured convertible note and a $5 million upfront fee.

According to the Watertown, Mass.-based Acusphere, the agreement involves an exclusive license to AI-525, a preclinical-stage injectable formulation of celecoxib using Acusphere’s proprietary hydrophobic drug delivery system technology.