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Corus Pharma raises $25 million. Seattle biotech gets funds from Gilead Sciences

Two months after canceling plans for an initial public offering, Corus Pharma has raised $25 million in financing from Gilead Sciences Inc.

Foster City, Calif.-based Gilead also has reserved an exclusive option to buy the remainder of Corus Pharma.

The money comes at an opportune time for the Seattle biotechnology company. Its lead drug candidate — an inhaled antibiotic designed to fight infections in cystic fibrosis patients — is entering late-stage clinical trials with an expected launch date of next year. And the 5-year-old company is heading to court in July to fight litigation brought by Chiron Corp., an Emeryville Calif.-based company that alleges Corus Pharma executives ripped off trade secrets and violated employment agreements in creating the antibiotic treatment.

By JOHN COOK
P-I REPORTER

Full Story: http://seattlepi.nwsource.com/business/266486_corus13.html

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