Medicure raises $25M for the development of new cardiac drug

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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.