Neos Therapeutics, Inc., a Grand Prairie, TX-based oral drug delivery company with a portfolio of proprietary technologies and a late-stage pipeline of innovative controlled release (CR) products for ADHD, raised $22.5m in financing.
It included a $20m loan facility with Hercules Technology Growth Capital, Inc. (NYSE:HTGC) and an increase in the amount of the recent Series C financing to $18m from the $15.5m previously announced on March 4, 2014 (read here).
The company intends to use the funds to obtain FDA approval of its three ADHD products, to expand the use of the proprietary controlled release technologies in the development of additional CR orally disintegrating tablet and CR liquid products, and to refinance its existing debt facility.
Led by Vipin K. Garg, Ph.D., Chief Executive Officer, Neos focuses on the development and manufacture of FDA approved drug products that leverage its proprietary and patented delivery technologies: the Dynamic Time Release Suspension® (DTRS®) and Rapidly Disintegrating Ionic Masking™ (RDIM™) technologies deliver controlled release (CR) small molecule active pharmaceutical ingredients (APIs) in either liquid or orally disintegrating tablet (ODT) dosage forms. By utilizing APIs that are already FDA-approved, the company can reduce development and regulatory risk and advance targeted proprietary Rx products through the FDA’s New Drug Application (NDA) approval process.
FinSMEs
23/04/2014