Summaries of health policy coverage from major news organizations
Triangle Pharmaceuticals Sells Shares to Sustain Operations for Two More Years
Triangle Pharmaceuticals Inc., which is developing the experimental HIV drug known as Coviracil, will raise $75 million to sustain operations for the next two years through the sale of about 28.3 million shares of stock at $2.65 per share, the AP/Raleigh News & Observer reports. Last year, two South African patients participating in a clinical trial of Coviracil and several other AIDS drugs died of liver toxicity. Triangle proved that Coviracil did not trigger the deaths, but the issue forced an FDA review, and the company subsequently delayed an application for FDA approval. Earlier this month, Triangle laid off 85 employees -- about one third of the company's staff. The firm had accumulated a $375 million deficit by the end of June and expects annual losses for the next few years (AP/Raleigh News & Observer, 8/27).
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