Pharmos Completes $6 Million Placing Whilst Awaiting NDAs
US biopharmaceutical company Pharmos raised $6 million in a privateplacing of convertible preferred stock and warrants to institutional investors. The preferred stock is convertible into common shares based on the stock price at the time of conversion.
"This funding provides Pharmos with capital to continue research on products in our pipeline while the US Food and Drug Administration reviews our two New Drug Applications," said the firm's chief executive Haim Aviv. He added that the funds bring Pharmos' current cash position to nearly $10 million.
Two NDAs And Other Products Progressing Lotemax (loteprednol etabonate), the firm's lead drug candidate, is designed to treat ocular inflammation, and is one of the two NDAs submitted to the FDA (Marketletters passim). The other is a new formulation of the drug for seasonal allergy indications, and was submitted in February.
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