Healthcare Industry News: Transdermal
News Release - November 27, 2007
Clarus Therapeutics Announces Completion of $8 Million Series C Financing RoundNORTHBROOK, Ill.--(HSMN NewsFeed)--Clarus Therapeutics, Inc., a private firm focused on the development of an oral testosterone replacement product, today announced the close of an $8 million Series C financing. H.I.G. Ventures led the round and was joined by Thomas, McNerney & Partners – the sole institutional investor in the Series A and B rounds. To date, Clarus has secured venture funding commitments totaling $15 million. In conjunction with the Series C financing, Bruce Robertson, Ph.D. and Michael Wasserman, Ph.D. of H.I.G. Ventures will join Alex Zisson and James Thomas from Thomas, McNerney & Partners and President and CEO Robert Dudley, Ph.D. on Clarus’s board of directors.
Clarus will use the proceeds to support Phase II development of OriTex™, its proprietary oral testosterone product being developed for use in men with low testosterone levels. Currently, the testosterone replacement market lacks an effective oral product and has been built on sales of topical testosterone gels and Transdermal patches as well as injectable formulations. Market research has shown that current testosterone users and their physicians would overwhelmingly favor a safe and effective oral testosterone replacement product compared to other testosterone treatment options.
“The expertise and experience that the Clarus team brings to the table is impressive,” stated Dr. Bruce Robertson, Managing Director of H.I.G. Ventures. “Clarus has strong technology and is led by Dr. Robert Dudley -- an industry veteran with a demonstrated track record in the testosterone replacement market having brought the market-leading product, AndroGel®, all the way through development to commercialization.”
“Now that Clarus has advanced its oral testosterone product to Phase II, the time is right to bring in another venture investor to help finance the company through the start of Phase III testing,” said Alex Zisson, a Partner at Thomas, McNerney & Partners and a Clarus Director. “The company has made tremendous progress in getting to this point and we look forward to seeing them go to the next level in clinical development.”
“To have the support of two ‘A-list’ venture firms is tremendous,” said Clarus President and Chief Executive Officer, Dr. Robert Dudley. “We are confident in our ability to move OriTexTM through advanced stages of clinical testing and we now have the funds that will enable us to work rapidly towards achieving this goal.”
About Clarus Therapeutics
Clarus is a biopharmaceutical company focused on the development and commercialization of androgen-based prescription drug products for men and women. Clarus’s lead product is OriTex™ – a proprietary oral testosterone product in Phase II development for the treatment of men with low testosterone levels. For more information, please visit: www.clarustherapeutics.com.
About H.I.G. Ventures
H.I.G. Ventures partners with entrepreneurs to provide the capital, expertise and relationships necessary to build market-leading businesses. With over $550 million in dedicated venture and growth capital under management, the firm’s team invests nationally in early to later-stage information technology, life science and service businesses. H.I.G. Ventures is the venture capital affiliate of H.I.G. Capital, a leading private equity investment firm with over $4 billion of capital under management. H.I.G. Ventures has offices in Atlanta, GA and Miami, FL. For more information, please visit: www.higventures.com.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners, LLC, is a health care private equity firm that invests in life science and medical technology companies. The firm's partners have successfully funded companies at all stages of their development, having invested over $650 million in more than 52 entities. Thomas, McNerney & Partners has offices in Stamford, CT, Minneapolis, MN and San Francisco, CA. For more information, please visit: www.tm-partners.com.
Source: H.I.G. Ventures
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