UVa startup sold in multi-million dollar deal

Clinical Data Inc., a global biotechnology firm based in Massachusetts, has agreed to buy a Charlottesville biotech company in a deal that could be ultimately worth up to $66 million.

The local company, Adenosine Therapeutics, was founded in 1999 by University of Virginia medical research executive Joel Linden and entrepreneur Robert Capon.

Adenosine has some 30 patented or patent-pending technologies, some of which could be accelerated to the market as future drugs through the deal with Clinical Data. Adenosine’s science has targeted compounds that could be used in cardiology and the treatment of diabetes, inflammatory diseases and sickle cell anemia.

“Adenosine Therapeutics believes that this is the best possible outcome for our shareholders, employees and community,” Capon said. “With the merger, our products will have access to much better financing so that we can improve the potential for the products to become approved and benefit humankind.”

Find the full story in Wednesday edition of The Daily Progress.