MENLO PARK, Calif., June 12 /PRNewswire/ -- ROXRO PHARMA, Inc. said today it has completed a private placement financing, raising a total of $42.7 million to support continued development of the company’s novel pain compounds, including its lead analgesic ROX-888.
The financing was led by the venture capital firms Prospect Venture Partners and Sutter Hill Ventures, both of Palo Alto, CA. Also participating in private placement was Thomas Weisel Healthcare Venture Partners of Palo Alto. This completes the company’s second round of financing, which began in late 2005.
Earlier this month ROXRO announced it has completed the Phase 3 clinical trials program for ROX-888, its novel intranasal pain reliever. The company plans to submit a New Drug Application to the U.S. Food and Drug Administration in the first half of 2008. If approved, ROX-888 would be the first non-opioid intranasal analgesic indicated for the treatment of acute pain.
“Success in the pharmaceutical industry is elusive and requires both robust clinical results and solid funding,” said ROXRO Chief Executive Officer Roberto Rosenkranz. “We are extremely pleased and energized by having achieved these two critical milestones. Completing our Phase 3 clinical studies puts us in position to file our very first NDA, and closing this financing round ensures that we can support ROX-888 and our pipeline well into the future. That we have been able to attract such high quality investors speaks to our scientific excellence and our solid business strategy.”
In addition to ROX-888, the company has a pain product in Phase 2 clinical trials. “This program is progressing nicely and we are committed to developing our pipeline,” Rosenkranz said. “We are very pleased with our progress to date and are confident that we have taken a giant leap forward in establishing a solid foundation for long-term success.”
ABOUT ROXRO PHARMA
ROXRO PHARMA, Inc., of Menlo Park, Calif., is a privately owned specialty pharmaceutical company focused on the treatment of pain. Founded in 1999, ROXRO in-licenses promising drug candidates for rapid development in acute pain conditions. The company’s highly experienced staff engages a global network of external experts to conduct pre-clinical and clinical studies and to manufacture drug products. ROXRO plans to file with the FDA for approval of its lead compound, ROX-888 in 2008.
ROXRO PHARMA, Inc.
CONTACT: Roberto Rosenkranz, Chairman & CEO of ROXRO PHARMA, Inc.,+1-650-322-4554
Web site: http://www.roxropharma.com/
