Medicure raises $25M for the development of new cardiac drug
Medicure, a cardiovascular drug developer, has closed its previously-announced financing agreement with Elliott Associates, raising a total gross of $25 million.
Under the terms of the agreement, Birmingham Associates, an affiliate of Elliott Associates, will provide Medicure with an upfront cash payment of $25 million.
The majority of the funding will be used on the continual research and development of Aggrastat (MC-1) and its sales and marketing efforts. Aggrastat is a glycoprotein inhibitor that inhibits platelet aggregation, the clumping together of blood platelets which can lead to formation of a clot. The drug is used to treat acute coronary syndromes, including unstable angina and non-Q-wave myocardial infarction. It was developed by Merck and first launched in the U.S. in 1998.
Under the terms of the agreement, Birmingham Associates, an affiliate of Elliott Associates, will provide Medicure with an upfront cash payment of $25 million.
The majority of the funding will be used on the continual research and development of Aggrastat (MC-1) and its sales and marketing efforts. Aggrastat is a glycoprotein inhibitor that inhibits platelet aggregation, the clumping together of blood platelets which can lead to formation of a clot. The drug is used to treat acute coronary syndromes, including unstable angina and non-Q-wave myocardial infarction. It was developed by Merck and first launched in the U.S. in 1998.