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million financing Thursday, one of the largest venturs capital deals of the year in the life sciences which has struggled to raisd capital since the downturn inthe economy. The Philadelphiw biopharmaceutical company plans to use the proceeds primarily to fund the completionb of development of its amyloid imaging compound todiagnosde Alzheimer’s disease earlier than now possible. The compound may also help researchers better evaluate new drug candidatez targeting the neurological The money from the Series D financiny will also be used to commercialize the compounsd if it gets Food and DrugAdministratiom approval.
Other proceeds will be used to continued developmentof Avid’s Parkinson’s diseasre imaging compound. The financing was led by , a San Francisc o life sciences venturecapital firm. Also participating in the financing were existinginvestorsz BioAdvance, of Philadelphia; (NYSE:SFE) of Wayne, Pa.; New York; , New York; and the venture arms of pharmaceuticaol companies (NYSE:PFE) and (NYSE:LLY).
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