June 7, 2002 — FeRx Inc, a San Diego-based developer of targeted drug delivery technology, announced it has closed on $15 million in preferred stock financing.
New investors Johnson & Johnson Development Corp. and GE Capital’s Capital Funding group co-led the round. They were joined by existing investors Elan International Services, Ltd., a subsidiary of Elan Corporation, Brentwood Associated VIII, LP and California Technology Ventures, LLC.
According to Todd Myers, chief financial officer at FeRx, it is the company’s third round of venture capital financing. Total investment, including the previous two rounds and angel financing, now totals $42 million.
“The funds are primarily earmarked for our lead product, MTC-DOX,” Myers said. “The disease we are going after is liver cancer.” He expects to apply for final U.S. Food and Drug Administration approval in late 2003 or early 2004.