Drug delivery company SteadyMed Ltd. has raised $30 million in a private placement led by Adage Capital Management, OrbiMed, Deerfield Management and Kingdon Capital Management.
SteadyMed’s leading drug candidate is Trevyent for the treatment of Pulmonary Arterial Hypertension (PAH). The company focused on the development of drug product candidates to treat orphan and high-value diseases with unmet parenteral delivery needs.
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Founded in the Israeli RAD Biomed incubator which led by Zisapel brothers, SteadyMed’s R&D is in Israel with headquartered in San Ramon, California.
The company has raised to date $40 million on Nasdaq in 2015 and in 2016 has raised $32 million in a private placement.
According to Globes 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.
Jonathan Rigby, President & CEO of SteadyMed 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 U.S. 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.