Resolution makes private placement

Radiopharmaceutical developer Resolution Pharmaceuticals has closeda private placement offering that brings in $7.3 million to theMississauga, Ontario, firm. The placement was made to a groupof investors that includes Working Ventures Canadian Fund andTriax Growth Fund.

Resolution will use the funds to accelerate development ofRP128, a peptide-based agent for imaging acute and chronic inflammation.Resolution was founded by Nordion International and Allelix Biopharmaceuticals,and those firms will retain large equity stakes in Resolution,according to the company.