By Elaine Rigoli
Tampa, Fla., Aug. 15 - Intranasal Therapeutics, Inc. has closed a $39.1 million financing commitment from a syndicate of venture investors and said it will use the financing to advance its clinical programs and manufacturing capabilities.
SV Life Sciences, based in Boston, led the series A financing, which included the participation of Burrill & Co., Tullis-Dickerson, Fidelity Biosciences, ApjohnVentures, Fort Washington Capital, Commonwealth Seed Capital and Kentucky Co-Investment Partners, LP.
As part of the transaction, Intranasal also announced that Michael Ross of SV Life Sciences, John Kim of Burrill & Co., James Tullis of Tullis-Dickerson and Robert Weisskoff of Fidelity Biosciences have joined the company's board of directors. In addition, Philadelphia-based biotechnology executive Bruce Peacock also joined the board.
The company said it plans to use the new funds to launch its hydromorphone nasal spray for acute pain, which is in phase 2/3 clinical trials and is being initially considered for military use.
In addition, the company said it expects to advance trials of an intranasal version of lorazepam, a benzodiazepine used for treating seizures and anxiety, which is in phase 1 trials. Funding will also be used to expand the company's proprietary manufacturing facility in Lexington, Ky., for clinical research and commercial-scale operations, as well as its corporate offices in New Jersey.
Intranasal Therapeutics is a specialty pharmaceutical company based in Lexington, Ky., and Montvale, N.J.
| Issuer: | Intranasal Therapeutics, Inc.
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| Issue: | Series A financing
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| Amount: | $39.1 million
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| Investors: | SV Life Sciences, Burrill & Co., Tullis-Dickerson, Fidelity Biosciences, ApjohnVentures, Fort Washington Capital, Commonwealth Seed Capital and Kentucky Co-Investment Partners, LP
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| Announcement date: | Aug. 15
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