Transdel closes $4M financing

California, USA-based Transdel Pharmaceuticals, a specialty drug firm focused on the development and commercialization of non-invasive, topically-administered medications, has closed a $4.0-million private placement of its common stock and warrants.

The company issued 1,818,180 shares of common stock at a price of $2.20 per share through a private placement to accredited investors. In addition, the investors received warrants to purchase 227,272 shares for a period of five years at a cash and cashless exercise price of $4.40 and $5.50 each, respectively.

The proceeds will be primarily used to fund the firm's Phase III clinical program of Ketotransdel, its lead topical pain drug, a cream-based formulation containing the non-steroidal anti-inflammatory drug ketoprofen. The registration trial will be a randomized, double-blind, placebo-controlled Phase III study to study the efficacy and safety of Ketotransdel in acute soft tissue injuries, says Transdel.