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Light Sciences snags $35M in early stock offering

Posted on: 10/20/2005

Light Sciences snags $35M in early stock offering

October 12, 2005
Eric Engleman

A subsidiary of biotechnology company Light Sciences Corp. of Snoqualmie has raised $35 million in a Series A preferred stock offering, according to a company press release.

The subsidiary is called Light Sciences Oncology Inc. It was formed in late 2004 to develop and commercialize Life Science Corp.'s light infusion technology specifically for cancer treatment. The light technology is used to activate drugs in specific body tissues.

Essex Woodlands Health Ventures led the investor group, which includes Adams Street Partners, Johnson and Johnson Development Corp., China Development Industrial Bank and Larkspur Capital Corp., according to the release, obtained by the Business Journal late Tuesday. Larkspur acted as a private placement advisor for the deal.

Light Sciences Oncology will use the funds to undertake a Phase 3 clinical trial for treatment of hepatocellular carcinoma, a type of liver cancer. The company intends to begin late-stage trials in other therapeutic areas as well, including metastatic colorectal cancer and glioma, a form of brain cancer.

Light Sciences Oncology President and CEO Llew Keltner could not immediately be reached for comment. Light Sciences Corp. CEO Albert Luderer did not return phone calls Tuesday.

Light Sciences Corp. has created two other subsidiaries, Visient Therapeutics Inc., which targets eye disease, and Vascular Reconditioning Inc., which focuses on cardiovascular disease.

Luderer said earlier this year that the subsidiaries would have exclusive access to Light Sciences' intellectual property in their disease category. The creation of three distinct companies, he said, would permit venture capital firms to invest in the areas they find most compelling.

Two new directors joined the Light Sciences Oncology board, according to the press release. They are Jeff Himawan, managing director of Essex Woodlands Health Ventures, and Craig Taylor, a partner at private equity firm Adams Street Partners.

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