Neos Therapeutics, a specialty pharmaceutical company with a late-stage pipeline of innovative extended-release (XR) products for attention-deficit hyperactivity disorder (ADHD), has completed an oversubscribed round of financing, raising a total of $20.6 million. The financing included investments by Presidio Partners, Crabtree Partners, CAC LLC, Delaware Street Capital, Burrill Life Sciences Capital Fund III and Essex Capital Corporation, as well as other investors.
With the successful completion of this financing and the recent submission of a New Drug Application (NDA) for its methylphenidate XR-ODT drug candidate, NT-0102, an ADHD medication based on Neos’ patented XR-ODT technology, the company is well positioned for growth.
Proceeds from this financing will support the Company’s efforts during the FDA review of NT-0102 as well as the submission of NDAs for two additional ADHD drug candidates, an amphetamine XR-ODT and an amphetamine XR-Liquid Suspension.
Stimulant medications such as methylphenidate and amphetamine are effective in ameliorating the symptoms of ADHD, and extended-release formulations of these medications allow for once-daily dosing. However, recent data suggest that a significant percentage of children are unable to easily swallow solid dosage forms, and many remain uncomfortable doing so through adolescence. Neos’ XR-ODT and XR-Liquid product candidates are designed to provide patient-friendly dosage forms for those who have difficulty swallowing or do not like to swallow intact tablets or capsules and may benefit from extended-release formulations.
“We are grateful to our investors for their continued confidence and support of the company and our management team,” commented Vipin K. Garg, president and chief executive officer, of Neos. “This places the Company in an excellent financial position as we prepare to transition to a commercial enterprise during the next six to twelve months.”