DUSA raises $25M & begins production of key product

Toronto-based DUSA Pharmaceuticals Inc has raised $25.75 million through a private placement of 2.25 million common shares at $11 per share. The proceeds will be used to expand the firm’s sales force, and finance possible product acquisitions and R&D opportunities. The new and existing institutional investors were not named. In other news, DUSA announced that it will begin commercial production of its Levulan Kerastick product at its Wilmington MA facility to meet longer-term demand. DUSA has developed photodynamic therapy and photodetection products based on its Levulan technology platform. The manufacturing announcement coincides with the firm’s reacquisiton of its Levulan (aminolevulinic acid) technology from DRAXIS Health Inc. The rights were assigned to DRAXIS in 1991 at the time of the original licensing of the patents by PARTEQ Innovations, the licensing arm of Queen’s Univ....