Drug delivery company SteadyMed Ltd. (Nasdaq: STDY) has raised $30 million in a private placement led by Adage Capital Management, OrbiMed, Deerfield Management and Kingdon Capital Management.
SteadyMed is a specialty pharmaceutical company focused on the development of drug product candidates to treat orphan and high-value diseases with unmet delivery needs. The company's leading drug candidate is Trevyent for the treatment of Pulmonary Arterial Hypertension (PAH).
The price to be paid is $5.90 per share with the warrants exercisable at $6.785 per share. Following the announcement on Friday, SteadyMed's share rose by 5% to give a market cap of $124 million.
The company was founded in the Zisapel family's RAD Biomed incubator and although today under US management and headquartered in San Ramon, California, much of the company's development is carried in its Rehovot offices. Among the company's investors is Ari Steimatzky. In 2015, the company raised $40 million on Nasdaq and last year raised $32 million in a private placement.
SteadyMed president and CEO Jonathan Rigby said, "We are on track to submit our NDA for Trevyent in this calendar quarter and continue executing on our pre-commercialization strategy, leading to the launch of Trevyent in the US in 2018, if approved by the FDA. We are delighted with the strong support of our existing investors and pleased to have several new, high quality institutional healthcare funds that support our belief that Trevyent has the potential to capture substantial share of the PAH market."
JMP Securities served as lead placement agent for the offering. H.C. Wainwright & Co. acted as co-placement agent for the offering.
Published by Globes [online], Israel business news - www.globes-online.com - on April 23, 2017
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