Orphan Medical completes $41.1M placement
Orphan Medical of Minneapolis, USA, has raised $14.1 million in grossproceeds through a private placement of around 1.7 million shares at a price of $8.25 per share to Alta Bio Pharma Partners LP and funds managed by current investors OrbiMed Advisors and Medical Strategy.
Orphan intends to use the net proceeds of the investment to support the commercial launch of Xyrem (sodium oxybate) oral solution, used to treat the symptoms of narcolepsy, assuming US Food and Drug Administration approval, following receipt of an approvable letter. Earlier this month, the company gained Canadian approval for its Antizol (fomepizole) for the treatment of confirmed or suspected methanol poisoning, and Korean clearance for the anticancer drug Busulfex (busulfan; Marketletter December 10).
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