@ Durham biopharma sold for $40M | SEBIO

Durham biopharma sold for $40M

Posted by on Feb 9, 2012

DURHAM, NC – Durham’s Aldagen, a biopharmaceutical company developing therapeutics for tissue repair and regeneration, has been bought by Cytomedix Inc., a similar company in Gaithersburg, Md. Aldagen employs 14 in Durham and will keep manufacturing and product development facilities there.

Depending on potential milestones, the deal could be worth around $40 million. At closing, Aldagen shareholders received Cytomedix shares and will own 17 percent of that company.

As part of the transaction, some investors in Aldagen, which was backed by Durham-basedIntersouth Partners, bought $5 million of Cytomedix common stock in a private placement. That investment will help fund a Phase II clinical trial for a drug that could be used in the treatment of post-acute ischemic stroke — a drug for which Adagen estimates there is a $3.5 billion market.

Cytomedix has 22 employees and has grown “from nominal sales to $6 million per year in just over 18 months,” according to Martin P. Rosendale, the company CEO.

http://www.bizjournals.com/triangle/morning_call/2012/02/cytomedix-buys-durham-pharma-for-40m.html?ana=e_trig_rdup

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