Drug delivery co SteadyMed raises $10.4m

The company will use the funds to develop and commercialize its PatchPump technology - a novel, prefilled, size efficient and disposable subcutaneous drug delivery system.

Drug delivery company SteadyMed Therapeutics Inc. has raised $10.4 million in a private placement of preferred stock. The company said that the 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.

PatchPump is a novel, prefilled, size efficient and disposable subcutaneous drug delivery system and SteadyMed said that it aims to complete pivotal clinical trials in 2013 and commercially launch the system in the US in 2014. The company added that the proceeds will also be used to complete the outsourced manufacturing infrastructure to support the SteadyMed's commercialization strategy.

SteadyMed added that the funds were raised from current investors KB Partners and Samson Ventures as well as new investment from high net worth individuals and private funds.

SteadyMed was founded in 2005 in Rehovot at the Rad Biomed Incubator, a unit of the Zisapel Brothers RAD Group, by VP business development Ian Solomon and VP technology, electrochemistry Gidi Kahana. The company also has offices in San Francisco.

SteadyMed CEO Jonathan Rigby said, "We are very pleased to close this $10.4 million round in addition to the $2.4 million we raised earlier this year. 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."

Published by Globes [online], Israel business news - www.globes-online.com - on September 19, 2012

© Copyright of Globes Publisher Itonut (1983) Ltd. 2012

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