Drug developer SteadyMed raises $32m

Lab Technician.  Photo: Reuters

The company's lead product is Trevyent for the treatment of Pulmonary Arterial Hypertension (PAH).

Drug development company SteadyMed Ltd. (Nasdaq: STDY) $32 million in a two-tranche private placement. The financing was led by new investor OrbiMed with participation from existing investors including, Federated Investors, Inc. and Deerfield Management. SteadyMed is a specialty pharmaceutical company focused on the development of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs.

The company was founded in the Zisapel family's RAD Biomed incubator and although today under US management and headquartered in San Ramon, California, much of the company's development is carried in its Rehovot offices. Among the company's investors are Ari Steimatzky.

The company's lead candidate is Trevyent, a development stage drug product that utilizes SteadyMed's PatchPump technology to administer treprostinil, a vasodilatory prostacyclin analogue to treat pulmonary arterial hypertension. PatchPump is a proprietary, disposable, parenteral drug administration platform that is prefilled and preprogrammed at the site of manufacture.

“This financing is exciting news for our Company, strengthens our balance sheet and enables us to execute on our development and pre-commercialization plans for our lead product candidate Trevyent for the treatment of Pulmonary Arterial Hypertension (PAH),” said Jonathan Rigby, President & CEO of SteadyMed. “We remain on track with our overall goal of a commercial launch of Trevyent in the US in late 2017. We are focused on our New Drug Application (NDA) for Trevyent, which we expect to submit to the Food and Drug Administration (FDA) in Q1 2017, and plan to deprioritize our At Home Patient Analgesia Products to allow for this.”

The company has a market cap of $44 million.

JMP Securities served as lead placement agent for the offering. H.C. Wainwright & Co. and Ladenburg Thalmann acted as co-placement agents in the transaction.

Published by Globes [online], Israel business news - www.globes-online.com - on July 31, 2016

© Copyright of Globes Publisher Itonut (1983) Ltd. 2016

Lab Technician.  Photo: Reuters
Lab Technician. Photo: Reuters
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