Original article posted at www.globenewswire.com
TRACON Pharmaceuticals Announces Closing of Previously Announced Private Placement and Appointment of Ted Wang, Ph.D., of Puissance Capital Management, to Board of Directors
TRACON Pharmaceuticals (NASDAQ:TCON), a clinical stage biopharmaceutical company focused on the development and commercialization of novel targeted therapeutics for cancer and wet age-related macular degeneration, announced the closing of the previously announced private placement of its common stock and warrants for gross proceeds of approximately $38.7 million. The financing was led by Puissance Capital Management, with participation from certain of TRACON’s existing investors, including New Enterprise Associates and 683 Capital Partners, LP. In addition, the Company appointed Ted Wang, Ph.D., Chief Investment Officer of Puissance Capital Management, to its Board of Directors.
“We are very pleased to welcome Ted to the TRACON Board,” said Dr. Charles Theuer, President and Chief Executive Officer of TRACON. “His strong track record of successful strategic, operational and financial management, combined with a deep knowledge of U.S. and Chinese markets, will be invaluable to TRACON as we continue to leverage our unique product development platform to expand our existing late-stage pipeline.”
Dr. Wang is the Chief Investment Officer of Puissance Capital Management, a global asset manager founded in 2015 with offices in the U.S. and China. Prior to Puissance, he was a Partner at Goldman, Sachs & Co. During his 18-year tenure at the firm, Dr. Wang held multiple leadership positions, most recently serving as Co-Head of U.S. Equities Trading and Global Co-Head of One Delta Trading and a member of the Goldman Sachs Risk Committee. Prior to joining Goldman, he co-founded Xeotron Corp., a company specializing in DNA biochips in Texas. Dr. Wang holds a Ph.D. in Physics from the University of Minnesota, an M.B.A. from the University of Texas, Austin, and a B.S. from Fudan University, China. Read entire article here.