The NC biotech BioCryst (NASDAQ:BCRX) is turning to Wall Street as another way to stockpile cash. According to a U.S. Securities and Exchange Commission filing Tuesday, the Durham drug company can raise up to $70 million by selling additional common stock and other securities.
This is the latest of several fund-raising efforts by the company this year. BioCryst is developing an experimental flu treatment, peramivir, under a contract with the U.S. Department of Health and Human Services. In February, the company was awarded an additional $55 million in the contract to fund the stage 3 clinical trials of peramivir, and it received another $30 million in funding in March from a deal with a drug company in Japan.
Aside from peramivir, BioCryst is developing the compounds BCX4208 for gout treatment, which is in phase 2 of clinical trials, and BCX5191 for hepatitis C treatment.
