Summary
Prolong is also banking on a $850,000 grant it won in July from the National Institutes of Health's National Heart, Lung and Blood Institute in Bethesda, Md., [Zachary Berk] says. The company will use the funds to expand its Monmouth Junction production facilities, which will enable it to produce a pegylated version of human hemoglobin for research purposes. Sales of a pegylated hemoglobin could bring in revenue of $5 million to $10 million annually, [Abe Abuchowski] says.
Prolong plans to raise about $15 million in a financing round led by Zachary Berk, cofounder and managing director of KBL Healthcare, a $100 million venture capital fund based in New York City.See the full content of this document
Extract
Biotech Firm Says It Is Ready to Take Off
PROLONG PHARMACEUTICALS, INC. has no revenue to speak of, burns cash at the rate of $1.8 million a month and is unlikely to have a product in the U.S. market for another two to three years, says Abe Abuchowski, the company's cofounder and chief operating officer.
But Abuchowski...See the full content of this document
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