scPharmaceuticals Completes $16.0 Million Series A Financing for Development of Two Product Candidates
, March 26, 2014
/PRNewswire/ -- scPharmaceuticals, Inc., a privately held biopharmaceutical company developing transformative pharmaceutical products for subcutaneous delivery, announced today that it has closed a $16.0 million
Series A venture financing round co-led by 5AM
Ventures and Lundbeckfond Ventures.
Proceeds from the financing will be used to further develop its first two pharmaceutical products and its associated drug delivery technology. The first product is a novel drug-device combination product based on the active ingredient furosemide, the cornerstone of heart failure treatment, allowing for convenient "anytime anywhere" subcutaneous delivery. Furosemide currently requires intravenous administration when higher doses are temporarily necessary in the management of patients with heart failure. The second product is a new drug-device combination product of a cephalosporin antibiotic, currently only available for intramuscular and intravenous administration. Both products aim to reduce the burden of disease for patient and payor and offer a safer and more convenient form of treatment. The company is building a pipeline behind these two lead programs.
"scPharmaceuticals has the potential to establish a new pharmaceutical and care paradigm, where common and widely used parenteral drugs can be conveniently self-administered subcutaneously," said Kush Parmar, MD, PhD, a Partner at 5AM Ventures and a Director of scPharmaceuticals. "What most excites us is the potential to build a portfolio of products that help shift care to more convenient and cost-effective settings."
"Over the past 50-years, we have witnessed a slow transition from an in-patient and clinic-based care model to one where patients are treated more and more where and when the treatment is needed," said Bertram Pitt, MD, Professor of Medicine Emeritus at the University of Michigan and co-founder of scPharmaceuticals. "We expect the subcutaneous furosemide product to play an important role in reducing heart failure emergency room visits and hospital admissions and consequently reduce the burden for patient and society."
"This announcement represents a milestone for the drug delivery industry," said Derek Brandt, CEO of Sensile Medical of Hagendorf, Switzerland, which has developed the underlying SenseCore technology. "This is the first time that a company and its investors have committed to developing a portfolio of pharmaceutical products that can be conveniently self-administered using a wearable patch pump."
"5AM and Lundbeckfond Ventures are two of the most prominent life sciences venture investors and it is a privilege to welcome them as co-leads of our Series A investment," said Pieter Muntendam, MD, President, CEO and founder of scPharmaceuticals.
scPharmaceuticals is privately held biopharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery. The initial products are based on widely used generic drugs which now require intravenous or intramuscular injections. scPharmaceuticals' innovative products are administered using its proprietary patch pump device based on the revolutionary SenseCore technology, developed by Sensile Medical of Switzerland. This breakthrough delivery system enables a new paradigm of convenient and comfortable anytime anywhere administration of parenteral pharmaceuticals without the need for a healthcare professional to prepare and administer the medication. The scPharmaceuticals antibiotic products aim to avoid the use of PIC (Peripherally-Inserted Central) lines and associated risks, discomfort and costs. The scFurosemide product intends to reduce utilization of emergency room and in-patient hospital services. For further information, go to www.scpharmaceuticals.com.
SOURCE scPharmaceuticals, Inc.