Zynerba Pharmaceuticals Raises $13 Million to Develop First and Only Transdermal Cannabinoid Therapies
RADNOR, Pa., Oct. 15, 2014 /PRNewswire/ -- Zynerba Pharmaceuticals, Inc., a specialty pharmaceutical company dedicated to the development of innovative transdermal cannabinoid treatments, today announced the successful closing of $13 million in funding. New investors in Zynerba include one of the top-seven life sciences public investors, Perceptive Advisors LLC. Proceeds of the fundraising will be used for development efforts for the first and only transdermal cannabinoid therapies as Zynerba prepares to initiate Phase 1 clinical studies in 2015 on ZYN001, a proprietary prodrug of THC transdermal patch, and on ZYN002, a proprietary cannabidiol (CBD) transdermal gel.
“We thank our new investors for their confidence in Zynerba as the first and only transdermal cannabinoid company,” said Armando Anido, chairman and CEO of Zynerba Pharmaceuticals. “This funding allows us to advance our two highly innovative and proprietary cannabinoid therapeutic development assets for large unmet patient populations. We believe these novel, synthetically produced candidates may offer unique advantages by delivering drug through the skin and into the bloodstream, presenting significant promise to patients.”
About Zynerba Pharmaceuticals
Zynerba Pharmaceuticals is dedicated to the development of innovative transdermal cannabinoid treatments for patients with high unmet medical needs using modern drug delivery technology and appropriate regulatory pathways. Zynerba is developing two therapeutic candidates based on proprietary transdermal technologies that, if successfully developed, may allow sustained, consistent and controlled delivery of therapeutic levels of cannabinoids. Transdermal delivery reduces adverse effects associated with oral dosing. ZYN001 will be studied in fibromyalgia, neuropathic pain and chronic cancer pain utilizing a synthetically manufactured prodrug of THC in a transdermal patch to deliver THC through the skin and into the bloodstream. Zynerba expects to initiate ZYN001 Phase 1 clinical studies in 2Q 2015. ZYN002 will be studied in epilepsy and rheumatoid arthritis, utilizing a proprietary gel to deliver synthetically manufactured cannabidiol (CBD), a non-psychotropic cannabinoid, through the skin and into the bloodstream. Zynerba expects to initiate ZYN002 Phase 1 clinical studies in 3Q 2015. Learn more at www.zynerba.com and follow the company on Twitter at @ZynerbaPharma.
SOURCE Zynerba Pharmaceuticals, Inc.
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