Dermavant Sciences, a Long Beach CA, Durham, NC, and Basel, Switzerland-based biopharmaceutical company which specializes in immunodermatology therapy, raised $200M in funding.
In details, the company has entered into:
- a $160m revenue interest purchase and sale agreement for its investigational product tapinarof with three participants that include Marathon Asset Management, NovaQuest Capital Management and a third institutional investor located in Boston, and
- a $40m senior secured credit facility with the Boston-based firm.
The company intends to use the funding proceeds for the payment of certain one-time milestone obligations that become payable upon the approval and commercialization of tapinarof for the treatment of psoriasis in the United States, as well as for other general corporate purposes.
Led by Todd Zavodnick, Chief Executive Officer, Dermavant, a subsidiary of Roivant Sciences, is a clinical-stage biopharmaceutical company dedicated to developing and commercializing innovative therapeutics in immuno-dermatology. The company’s medical dermatology pipeline includes both late-stage and earlier-stage-development product candidates to address important immuno-dermatological conditions, including psoriasis, atopic dermatitis, vitiligo, primary focal hyperhidrosis, and acne.
Tapinarof is a novel, therapeutic aryl hydrocarbon receptor modulating agent, in development as a once-daily, steroid-free and cosmetically elegant topical cream for the treatment of plaque psoriasis and atopic dermatitis, which affect approximately 8 million and 26 million people in the United States, respectively. The company has reported positive Phase 3 results for tapinarof cream in adult patients with plaque psoriasis.
FinSMEs
08/06/2021