Healthcare Industry News: Incyte
News Release - July 15, 2008
Collegium Pharmaceutical Announces Completion of Series D FinancingProceeds to be used to further clinical development of its sustained release, abuse deterrent opioid, COL-003
CUMBERLAND, R.I.--(HSMN NewsFeed)--Collegium Pharmaceutical, Inc., a specialty pharmaceutical company, announced today that it has closed a $20 million Series D equity financing led by Frazier Healthcare Ventures. Pursuant to the closing of this financing round, Frazier’s General Partner, Patrick Heron, has joined the Collegium Board of Directors. Previous investors Boston Millennia Partners and Westfield Capital Management also participated in this financing. Ferghana Partners acted as sole manager and financial advisor to the Company for the Series D financing.
The proceeds from this financing will be used primarily to support the continued development of the Company’s lead DETERx™ product candidate, COL-003, a tamper resistant, abuse-deterrent, sustained release oxycodone formulation. COL-003 is currently under clinical development pursuant to an active investigational new drug application on file with the United States Food and Drug Administration ("FDA"). The Company intends to file a New Drug Application (“NDA”) and has received Fast Track Designation from the FDA. As previously reported, the Company has completed a successful proof of concept clinical trial and has done extensive lab testing of the product’s tamper resistant properties. The DETERx™ platform and COL-003 are protected by a newly issued patent, US 7,399,488.
Proceeds from the D round will also be used to support the ongoing development and commercialization of the Company’s novel topical products for the treatment of skin and skin related disorders. Many of these products employ the Company’s proprietary DELEVO™ Foam Technology and are marketed through the Company’s wholly owned subsidiary, Onset Therapeutics, LLC.
"Collegium possesses a strong management team and a very compelling product portfolio”, said Patrick Heron, General Partner at Frazier Healthcare. "The team's successes in advancing its DETERx™ product as well as having developed and commercialized a topical product portfolio through Onset make this an exciting time for the Company, and I look forward to working with the Collegium team to continue the momentum they have created".
"I am delighted to welcome Patrick Heron to the board and I am confident that with the addition of Frazier Healthcare, we have an investor group that will support and guide the Company through its aggressive growth strategy and assist the Company in building significant value", stated Michael Heffernan, President and CEO of Collegium.
In addition to this financing, the Company will also be exploring the sale or out-licensing of its respiratory product portfolio. This includes AllerNase™ (triamcinolone acetonide, USP) Nasal Spray 50 mcg, a nasal inhaled steroid (NIS) for the treatment of both seasonal and perennial allergic rhinitis. A supplemental NDA was filed in April 2008 with an FDA review date of August 4, 2008. AllerNase™ will compete in the $2.3 billion US NIS market. In addition, the Company has developed a novel oral anti-histamine combination (COL-118) that has completed a successful proof of concept trial and the product is prepared to enter Phase 3 clinical trials. The Company also has developed a liquid sustained release cough product that incorporates its proprietary IER™ technology.
About Collegium Pharmaceutical
Collegium Pharmaceutical, Inc. is a specialty pharmaceutical company focused on the development of proprietary, late stage pharmaceutical products. These products target market opportunities through formulation based product improvements protected by intellectual property (IP). Collegium is focused on building a portfolio of pain products that incorporate its patent protected DETERx™ formulation platform that provides for sustained release and tamper resistance. The Company through its subsidiary, Onset Therapeutics (www.onsettx.com) develops and commercializes products for skin and skin related disorders using its novel DELEVO™ Foam Technology. For more information, visit the Company’s website at www.collegiumpharma.com.
About Frazier Healthcare Ventures
Investing since 1991, Frazier Healthcare Ventures is one of the nation’s leading providers of venture and growth equity capital to emerging biopharma, medical device and healthcare service companies. With more then $1.8 billion under management, Frazier Healthcare has invested in over 100 healthcare companies that cover the entire developmental spectrum from seed stage to PIPEs to acquisitions of cash generating companies. Frazier Healthcare is nationally known for its highly experienced 23 member investment team, which collectively brings to bear a tremendous breadth of healthcare industry and investment experience. The team’s expertise encompasses product development and launch, clinical trial implementation and design, academic research, clinical practice, industry operating experience, and business development. For more information, please visit www.frazierhealthcare.com
About Boston Millennia Partners
Boston Millennia Partners is a private equity investment partnership with over $700 million under management. From its offices in Boston, Millennia invests in early and growth stage companies engaged in pharmaceutical development, medical devices, specialty pharma and Healthcare IT, located primarily in the Eastern half of the U.S.. Typical investments range from $5 to $20 million. The managers at Millennia have extensive operations, strategy development and capital formation experience, having funded over 120 companies in the U.S. private equity market since 1980. Portfolio companies with whom they have invested include CombinatoRx (NASDAQ-GM: CRXX), ILEX Oncology/Genzyme Oncology (NASDAQ-GS: GENZ), PAREXEL International (NASDAQ-GS: PRXL), Predix/EPIX Pharmaceuticals (NASDAQGM: EPIX ), and Proteome/Incyte Genomics (NASDAQ-GM: INCY), among others. For more information, please visit www.bmpvc.com.
About Westfield Capital Management
Founded in 1989, Westfield Capital Management is an SEC registered investment adviser dedicated to providing quality investment management services to institutions and wealthy individuals. Westfield supervises domestic growth equities, with products focusing on each segment of the capitalization spectrum. The firm's team of investment professionals employs an in-depth, fundamental research process to uncover growth opportunities not yet fully appreciated by the market. As of June 30, 2008, Westfield Capital Management had $13.6 billion in assets under management.
Source: Collegium Pharmaceutical
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