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CV Therapeutics says gets $175 mln from investment firm

Tue Apr 15, 2008 4:22pm EDT

April 15 (Reuters) - CV Therapeutics Inc CVTX.O said it received $175 million from investment firm TPG-Axon Capital for rights to 50 percent of royalty on the company's heart-imaging agent, Lexiscan injection.

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CV Therapeutics said it could receive a potential future milestone payment of $10 million from TPG-Axon. The company retains rights to the other 50 percent of royalty revenue from North American sales of the product.

The company said it believes it now has the funds to become cash flow positive and meet the debt obligation which is putable in 2010, both without requiring capital market financing or partnership dollars. (Reporting by Jennifer Robin Raj in Bangalore; Editing by Himani Sarkar)

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