Via Pharmaceuticals secured note purchase agreement with Bay City Capital Fund

SAN FRANCISCO Despite the tough economic climate, some drug makers can still get their needed injections.

Via Pharmaceuticals, a biotechnology company that develops compounds for treating cardiovascular and metabolic diseases, announced Thursday that it entered a $10 million secured note purchase agreement with Bay City Capital Fund and one of its affiliates, borrowing $2 million and getting the opportunity to borrow an additional $8 million.

“This loan agreement reflects the continuing support and confidence of Bay City Capital in our lead program, VIA-2291, for the treatment of cardiovascular disease caused by atherosclerosis, by targeting inflammation in the blood vessel wall, an underlying cause of atherosclerosis,” Via CEO Lawrence Cohen said in a statement. “We are excited about the potential of VIA-2291, which is being demonstrated in the data from our ongoing phase 2 trials, and intend to pursue strategic opportunities to partner and collaborate with large biotechnology or pharmaceutical companies, to further develop this exciting compound.”