American biotech company Esperion Therapeutics revealed that it has managed to raise $33 million through preferred stock financing which will be used on clinical trials.
The Ann Arbor based company is currently in midst of the phase II trial of LDL-lowering pill, ETC-1002, which it says will be able to reduce levels of bad cholesterol by as much as 43 percent.
AdvertisementThe CEO of the company, Tim Mayleben said that the money generated will be used on the trials, adding that they expect to publish the results of the trial by June.
Founded in 1998, Esperion was sold to Pfizer for $1.3 billion in 2004 before the company was relaunched in 2008 by Roger Newton, who led the development of Lipitor, which has so far generated $130 billion in sales.
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