Santarus completes $33.2 mill placement

San Diego, USA-based Santarus has completed a $33.2 million privateplacement of its series C preferred stock. Funding from the financing will be used to further the development and commercialization of the company's proprietary drug compounds.

Santarus is focused on the clinical development and commercialization of products for the treatment of upper and lower gastrointestinal disease and disorders. Within the upper GI area, the company has two drug candidates under development. The lead compound is a modified formulation of a currently-marketed (not named) product for the treatment of erosive esophagitis, gastroesophageal reflux disease and other related conditions. The company plans to commence a Phase III clinical trial with this in the second half of this year.

In addition, the company says it has in-licensed a group of compounds for GERD and erosive esophagitis that appear to improve the body's normal esophageal defence mechanism by enhancing tight junctions within the esophageal epithelium.