Vensun Pharmaceuticals Completes Series C Financing
YARDLEY, Pa.--(BUSINESS WIRE)--Vensun Pharmaceuticals, Inc. (“Vensun” or “the Company”), a privately held generic pharmaceuticals company, today announced the completion of $22.5 million Series C preferred financing with a consortium of investors led by Perceptive Advisors, LLC. Deerfield Management Company, L.P. also joins Perceptive Advisors as a new investor in the Company. Additional investors in the financing include prior investors JW Asset Management, LLC, Company management and associates, and entities affiliated with Dr. Allen Chao, the co-founder of Watson Pharmaceuticals, Inc., now Allergan plc (NYSE: AGN). Vensun intends to use the capital for research and development expenses associated with future product development projects as well as working capital needs.
Mr. Hem Pandya, President and CEO of Vensun commented, “We are excited to enter the next phase of our growth story. The support and confidence shown by our existing investors and the new Series C investors have positioned us well for continued success. This financing will enable Vensun to transform our development pipeline into approved commercial products and provide us with the flexibility to pursue additional growth opportunities.”
Joseph Edelman, Founder and CEO of Perceptive Advisors remarked, “We are excited to support Vensun as it continues to develop a robust product pipeline.” Michael Altman, Senior Analyst at Perceptive Advisors and newly appointed member to Vensun’s Board of Directors added, “Vensun is expecting a number of new product approvals over the next several years, which position the Company for continued growth.”
Jason Wild, President and Chief Investment Officer of JW Asset Management and Director of Vensun stated, “As the lead investor in both the Series A and Series B financings, we are excited to strengthen our partnership with Vensun through our participation in the Series C financing. Vensun’s management team has established a strong track record and we are delighted to renew our commitment towards their goal of becoming a leading generic pharmaceutical company.”
Leerink Partners LLC served as financial advisor to Vensun in the financing. Vensun’s legal advisor is Goodwin Procter LLP. Proskauer Rose LLP acted as legal counsel for Perceptive Advisors, LLC.
About Vensun Pharmaceuticals, Inc.
Vensun Pharmaceuticals, Inc., based in Yardley, Pennsylvania, was established in July 2011 and is an emerging pharmaceutical company developing a portfolio of generic prescription products in various dosage forms covering a broad range of therapeutic categories. The Company is co-developing the products with a number of strategic partners in the U.S. and overseas. The Company has four ANDAs approved, more than 15 filed ANDAs and has approximately 15 products in active development with various partners. Vensun also in-licensed over 25 products to expand and diversify its pipeline.
For more information regarding Vensun Pharmaceuticals, Inc., please visit www.vensunrx.com.
About Perceptive Advisors, LLC
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive Advisors, visit www.perceptivelife.com.
About JW Asset Management, LLC
JW Asset Management, a New York based registered investment adviser, is active in both public and private equity markets. Jason Wild, a registered pharmacist, is the firm's Founder and Chief Investment Officer. JW Asset Management was founded in 2003 and has a strong history of finding opportunities within the specialty pharmaceutical sector.
About Deerfield Management Company, L.P.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.
For more information, please visit www.deerfield.com
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY, NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER OF SECURITIES OF VENSUN PHARMACEUTICALS, INC., IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.