SAN FRANCISCO, CA, Drug delivery therapeutics company, today announced that the company has raised $10.4 million in a private placement of preferred stock.
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SteadyMed Therapeutics, Inc. (SteadyMed), a drug delivery therapeutics company, today announced that the company has raised $10.4 million in a private placement of preferred stock.
Proceeds from the financing will be used to support the development and commercialization of the company's lead drug product that leverages its PatchPump technology; a novel, prefilled, size efficient and disposable subcutaneous drug delivery system for which the company aims to complete pivotal clinical trials in 2013 followed by commercial launch in the U.S. in 2014. Proceeds will also be used to complete the outsourced manufacturing infrastructure to support the company's commercialization strategy. The investment comes from current investors KB Partners and Samson Ventures as well as new investment from high net worth individuals and private funds.
"We are very pleased to close this $10.4 million round in addition to the $2.4 million we raised earlier this year," said Jonathan M.N. Rigby, Chief Executive Officer. "SteadyMed has made impressive progress over the past 12 months in executing our strategy to develop and commercialize our own PatchPump enabled drug product to treat a life threatening orphan disease, as well as with the securing of collaborations around our unique delivery platform with Biopharmaceutical partners. Raising significant investment in the current economic climate is laudable and a testament to our unique technology, credible strategy and first class management team. We are delighted to have the support of our current and new investors."
SteadyMed Therapeutics, Inc., with offices in San Francisco, CA and Rehovot, Israel, is a private, venture funded drug delivery therapeutics company engaged in the development for commercialization of its PatchPump technology; a novel, prefilled, size efficient and disposable subcutaneous drug delivery system. The company's range of PatchPumps can be customized to deliver liquid drugs, including biologics, with a wide range of volumes and viscosities, in a consistent and controllable manner.
The company is leveraging the sustainable cost and technological competitive advantages of its PatchPump platform to create a family of products that benefit patients in target markets, which represent the highest value to risk ratios.