Neos Therapeutics completes private financing round, raises $15.5M
Published on March 4, 2014 at 8:55 AM
Neos Therapeutics, Inc. ("Neos" or "the Company"), a highly differentiated oral drug delivery company with an exciting portfolio of proprietary technologies and a late-stage pipeline of innovative controlled release (CR) products for ADHD, announced today that it has completed an oversubscribed round of private financing, raising a total of $15.5 million. Investors participating in the financing included, Burrill Life Sciences Capital Fund III, CAC LLC, CMEA Capital, Crabtree Partners and Delaware Street Capital.
With the successful completion of this financing as well as the recent commercialization of a generic of Tussionex®, an extended release cough cold product developed utilizing the Neos technology and manufactured by Neos, the company is well positioned for growth.
The funds will support the Company's efforts to obtain FDA approval of its existing product pipeline, and create an opportunity to expand the use of the proprietary controlled release technologies to develop additional CR orally disintegrating tablet and CR liquid products.
"We are very pleased that Neos' progress has allowed us to attract strong support from our investors," stated Vipin K. Garg, Ph.D., Chief Executive Officer of Neos. "This places the Company in an excellent financial position to execute our strategy of bringing novel products based on the Neos proprietary technologies to market. These technologies are currently being utilized to develop three ADHD products, which will advance significantly in the next 12-15 months."