BLUE BELL, Pa., July 24, 2012 /PRNewswire/ -- Relmada Therapeutics, a clinical-stage company developing novel therapies for the treatment of chronic pain today announced the initial closing of $3 million in gross proceeds in a Series A financing for which Laidlaw & Company (UK) Ltd. is the exclusive placement agent. Noteholders BioAdvance and Ben Franklin Technology Partners of Southeastern Pennsylvania, as well as, equity investor Wonpung Mulsan Co., Ltd, have converted their existing liens into the Series A Convertible Preferred Stock.
The initial Series A proceeds will be used to continue the development of LevoCap, a proprietary once-a-day extended release dosage form of the potent opioid levorphanol in a tamper resistant delivery system and for general corporate activities.
"This impressive response from new investors and existing stakeholders speaks to the potential of our diversified portfolio of drug candidates to address the significant unmet medical need in chronic pain," said Sergio Traversa, CEO of Relmada. "Based on this successful initial offering, we anticipate completing additional formulation development, GMP manufacturing and pharmacokinetic studies required to initiate Phase III studies by mid-2013. The additional funds expected from the on-going Series A financing will be used to further develop our other products: MepiGel, d-methadone and BuTab," added Traversa.
Relmada's lead product, LevoCap is intended to add a new tool to treat chronic pain where non-opioids or other opioids do not provide adequate relief. Unlike most other opioids, levorphanol, the active ingredient in LevoCap modulates pain through both opioid pathways and noradrenergic pathways, thereby providing pain relief through multiple mechanisms in a single molecule. Levorphanol has also been shown to partially reverse analgesic tolerance to morphine and may therefore benefit patients who are tolerant to the analgesic effects of their current opioid.
Relmada Therapeutics is led by an experienced management team. CEO Sergio Traversa PharmD, MBA has over twenty-five years of experience in the healthcare sector in the United States and Europe, ranging from management positions in the major pharmaceutical industry at Eli Lilly where he participated in the launch of Prozac and the early development of Zyprexa®, Strattera® and Cymbalta®, and Johnson & Johnson where he held the position of Area Manager for Southern Europe of Therakos Inc., a cancer and immunology division of the company, to investing and strategic advisory roles at leading healthcare focused financial institutions such as Mehta and Isaly, Merlin BioMed and Rx Capital.
Najib Babul, PharmD, is the President and Chief Scientific Officer of Relmada with over twenty years of experience in analgesic drug development. Dr. Babul was V.P., Global Clinical Drug Development and Therapeutic Leader, Analgesia & Rheumatology at Scirex Corporation (now Premier Research), and Director, Clinical Research at Purdue Pharma. He has designed studies and is an author on publications on MS Contin®, OxyContin®, Avinza®, Ultram® ER, Opana® ER, Codeine Contin®, sustained release hydromorphone and Dyloject®. He is also Chair of the American Pain Society's Clinical Trials Special Interest Group and sits on the editorial board of the Journal of Opioid Management.
Danny Kao, PhD, JD, is Consulting Senior Vice President, Pharmaceutical Development of Relmada and has extensive formulation development experience. He has developed a number of marketed extended release opioid dosage forms, including NDAs (New Drug Applications) and first to file ANDAs (Abbreviated New Drug Applications) and he has more than 20 issued or pending patents. Dr. Kao also has been involved in the development of other delivery systems, including OROS®, transdermal patches, nasal sprays, lozenges, fast dissolving tablets and topical dosage forms. Dr. Kao held various managerial positions in formulation development and chemical synthesis at Endo Pharmaceutical, Inc. Prior to Endo, Dr. Kao was involved with formulation development at Dupont Pharma.
In addition, the Scientific Advisory Board of the Company comprises of leading experts in the area of pain and pain management such as Nathaniel Katz, MD, MS, President and CEO of Analgesic Solutions, and former Chair of the FDA Advisory Committee for Anesthesia, Critical Care, and Addiction Products, Arthur G. Lipman, PharmD, Professor of Pharmacotherapy, College of Pharmacy and Director of Clinical Pharmacology at the Pain Management Center, University of Utah Hospitals and Clinics, Cynthia McCormick, MD, President of McCormick Consultation LLC and former Director of the FDA's Division of Anesthetic, Critical Care and Addiction Drug Products, Richard Payne, MD, Professor of Medicine, Duke University and Director of the Duke Institute on Care at the End of Life, Frank Porreca, PhD, Professor of Pharmacology and Anesthesiology, College of Medicine at the University of Arizona, Raymond Sinatra, MD, PhD, Professor of Anesthesiology at Yale University Medical School and Arthur Weaver, MD, Clinical Professor of Medicine (Emeritus), Division of Rheumatology at the University of Nebraska Medical Center in Omaha, Nebraska.
About Relmada Therapeutics
Relmada Therapeutics, Inc. is a clinical stage, private biopharmaceutical company focused on developing novel versions of proven drug products that potentially address areas of high unmet medical need for the treatment of chronic pain. The Company has a deep and diversified portfolio of four lead productsat different stages of development and an early stage pipeline of an additional three products. Our executive offices are located in Blue Bell, PA. Additional information may be found on the company's website at www.relmada.com.
About Laidlaw & Company, LTD.
Laidlaw & Company is a full service investment bank and securities brokerage firm with offices in New York, London, San Francisco and select additional locations. Its corporate finance efforts are focused on the healthcare, natural resource and social commerce sectors. In addition to capital raising, its investment banking arm provides M&A, restructuring and other financial advisory services for public and private small cap and middle market clients across a broad crosssection of industry sectors. Its brokerage arm provides wealth management services for domestic and international highnetworth and institutional clients. Laidlaw is authorized by the FSA in the United Kingdom, and is regulated by FINRA in the United States. (Source: http://www.laidlawltd.com).
Safe Harbor Statement
This release contains forwardlooking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts are forwardlooking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward looking statements. The Company assumes no obligation to update or supplement any forwardlooking statements whether as a result of new information, future events or otherwise.
SOURCE Relmada Therapeutics, Inc.