Friday, January 2, 2009

Venrock funds XenoPort shelf registration

By Mass High Tech staff

Cambridge venture capital firm Venrock has participated in the financing of California-based biopharmaceutical firm XenoPort Inc.’s $39.7 million stock registration. Maverick Capital led the financing with its funds.

XenoPort (Nasdaq: XNPT) said it plans to sell 1.9 million newly issued shares of common stock and warrants to make available 283,420 shares of common stock for purchase, consisting of one common stock share and one warrant. The offering hinges on the U.S. Securities and Exchange Commission approval of the shelf registration statement.

XenoPort develops treatments for gastroesophageal reflux disease, restless legs syndrome, migraine headaches, neuropathic pain, spasticity related to spinal chord injury, acute back spasms and Parkinson’s disease.

Founded in 1969 as the venture arm of the Rockefeller family, Venrock is headquartered in New York and operates an office in Cambridge. The firm has $2.1 billion under management, and focuses in the area of technology, health care, media and energy, according to the company website.