Wednesday, March 30, 2011

Inspiration Biopharmaceuticals Raises Funding To $247M

Laguna Nigel-based Inspiration Biopharmaceuticals, a developer of treatments for hemophilia, has raised its latest funding to $247.6M, according to a regulatory filing by the firm today. Details on the funding have not been announced by the company. The filing indicates that the firm received a new outside equity investment, non-equity exchanged for equity, an exchange of prior equity for new equity, plus convertible notes based on future milestones convertible into equity. The deal also apparently gives an investor a right to buy the firm, with Inspiration saying that a "business combination transaction" is not imminent but may arise in connection with the funding. The filing indicates the current fundraising effort is targeted at $371.6M. Inspiration Biopharmaceuticals is developing treatments for hemophilia, and was co-founded by John Taylor of $12.2B investment management firm FX Concepts, and Scott Martin, of Martin Midstream Partners and petroleum firm Martin Resource Management Corp. Taylor and Martin's children both suffer from hemophilia. More information »

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