Infinity Pharma: Rises after raising $20 mln from BVF Partners

Infinity Pharmaceuticals

09/01/2020 14:14

** Shares of drug developer  INFI.O  rise 12.15% to $1.2
premarket; set to open higher after two straight sessions of
losses 
    ** Co raises $20 mln through non-dilutive asset-backed
financing from BVF Partners L.P.  urn:newsml:reuters.com:*:nBw4qFKHxa
    ** Says this investment entails no equity to be issued by
INFI and has its sole recourse in potential royalty payments due
on future sales of patidegib, to treat Gorlin Syndrome,
discovered by co and licensed to PellePharm in 2013
    ** Gorlin Syndrome affects many parts of body and increases
risk of developing various cancerous and noncancerous tumors
    ** With this financing, we now have over $60 mln cash on
hand to fund all of our current IPI-549 trials to key data
readouts throughout 2020 and into 2H 2021 - INFI
    ** Within this extended cash runway, co expects to generate
data from 4 other ongoing early and mid-stage trials 
    ** INFI fell 18.6% in 2019 

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com; within U.S. +1 646 223 8780,
outside U.S. +91 80 6749 7786;))