SALT LAKE CITY, Sept. 1 /PRNewswire/ -- ZARS, Inc., a privately held pharmaceutical company, announced today that it has completed a $19 million Series C preferred stock offering. ZARS develops proprietary products that administer drugs non-invasively through or into the skin using its patented heat delivery technology called CHADD(TM) and other novel, proprietary drug delivery technologies. The company has two New Drug Applications filed with the Food and Drug Administration, a third product candidate in Phase II, another in Phase I, and two nearing the clinic.
Draper Fisher Jurvetson led the investment, which included other new venture investors: ePlanet Ventures and CDIB BioScience Venture Management. Previous investors also participated, including Wasatch Venture Fund and Tenex. CIBC World Markets and Ferghana Partners acted as placement agents for the offering.
Larry Rigby, President, CEO and Co-Founder, commented that "This sizeable amount of capital along with the involvement of such an excellent group of investors will help us bring to market our rich pipeline of health-care products."
Theodore Stanley, M.D., Chairman and Co-Founder, stated, "We are proud to have attracted the quality of new venture investors in this round of financing as well as the continued financial support of our current shareholders."
Steve Jurvetsen of DFJ said, "We are very excited about the ZARS opportunity and the ZARS team, and we are delighted to be leading this financing. With ZARS' combination of two products awaiting FDA approval, followed by two in the clinic and another two soon to be in the clinic, DFJ believes that ZARS will become a great commercial success story."
About ZARS, Inc.
ZARS, a leader in the field of drug delivery, develops totally unique products that administer drugs non-invasively through or into the skin using its patented Controlled Heat-Assisted Drug Delivery (CHADD(TM)) and other related drug delivery technologies. The Company has multiple commercial partnerships and, based on its proprietary technologies, a rich pipeline of products that address important unmet needs in anesthesia, pain, panic attacks, nausea, and various skin disorders. The Company's lead product candidate, the S-Caine Patch(TM), is used to anesthetize the skin prior to painful medical procedures and is partnered with Ferndale Laboratories. ZARS submitted an NDA for the S-Caine Patch(TM) in March 2003 and received an approvable letter from the FDA in February 2004. The Company's second product candidate, TetraPeel(TM), is a unique local anesthetic phase-changing cream for which an NDA was filed in November 2003. TetraPeel(TM) is partnered with OrthoNeutrogena, a division of Johnson & Johnson. ZARS' third product candidate, Titragesia(TM), combines CHADD(TM) with the Company's proprietary, next-generation fentanyl patch for use in severe chronic and breakthrough pain. Titragesia(TM) is undergoing Phase II clinical trials and is partnered with Cephalon. ThermoProfen(TM), a unique product that addresses mild to moderate local joint and muscle pain, will be entering Phase II in November of this year. ZARS believes its enabling technologies will allow the transdermal delivery of many other drugs and currently has multiple programs in preclinical development. For more information, visit http://www.zars.com/ on the Web.
About Draper Fisher Jurvetsen
Draper Fisher Jurvetson is the premier early stage venture capital firm. Founded in 1985, Draper Fisher Jurvetson has created a global network of affiliated venture funds with approximately $3 billion in capital commitments and offices in major technology and life science centers around the world. Headquartered in Silicon Valley, the firm has proven expertise in identifying and helping extraordinary entrepreneurs who want to change the world. http://www.dfj.com/.
For further information, please contact: Larry Rigby of ZARS, Inc., +1-801-350-0202.