The company will use the funds to build and acquire capital equipment. Other investors included Alta Partners of San Francisco. The company will use the money for product development and to add six offices in the Midwest and Southwest. Investors included Charlotte Angel Partners, Research Triangle Ventures, First Flight Venture Fund and The Atlantis group.
Triangle develops new antiviral drug candidates.
The delivery triggered undisclosed milestone payments to Paradigm from Bayer. OP2000 is a subcutaneously administered ultra-low molecular weight heparin being developed by Incara and Elan Corporation, plc. BioStratum will receive royalties from the drug's sale. The pioneer drug, T-20, blocks the AIDS virus from invading healthy cells. Russell is concluding a 15-year tenure at Duke University, where she served as vice president and director of private investments at Duke Management Company.