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07-25-2008, 05:08 AM | #1 | |||
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[July 24, 2008]
NuPathe Gets $30M to Fund Migraine, Parkinson's Patch (BioWorld Today Via Acquire Media NewsEdge) Financings Roundup http://www.tmcnet.com/usubmit/2008/07/24/3566347.htm NuPathe Inc. has raised $30 million in a Series B equity financing, money that will fund Phase III testing and regulatory filings for the company's lead product for acute migraine. The Conshohocken, Pa.-based company has initiated large Phase III trials to evaluate the safety and efficacy of the company's transdermal patch for acute migraine, NP101. Jane Hollingsworth, NuPathe's CEO, said the company is prepared to commercialize the migraine patch on its own. However, she said the company also is in discussions with potential partners. The migraine patch delivers sumatriptan, a leading antimigraine medication sold by GlaxoSmithKline plc under the trade name Imitrex. GSK's venture capital arm, SR One Ltd., led the financing along with Quaker BioVentures. Annual sales of triptans, the leading class of agents for acute migraine, exceed $2 billion in the U.S., according to NuPathe's figures. While Hollingsworth said sumatriptan is well accepted by physicians and patients, a key advantage for the NuPathe antimigraine patch could be that it bypasses the gastrointestinal tract, she noted. Oral migraine medications have been associated with GI absorption problems, she said. REad article
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