LANGHORNE, Pa., Jan. 27, 2016 /PRNewswire/ -- Aprecia Pharmaceuticals Company, Inc., an emerging pharmaceutical company specializing in three-dimensionally printed (3DP) prescription medicine, today announced that it has completed a $35 million preferred stock financing. The financing was led by Deerfield Management Company LP and included participation by JW Asset Management. In connection with the financing, all of the company's outstanding convertible debt held by its existing investors, including Great American Insurance Company and Scion Companies, was converted into preferred stock. In conjunction with the close of financing, Jonathan S. Leff, a partner at Deerfield, has joined Aprecia's Board of Directors.
With the completion of this financing, Aprecia is well positioned for growth. Proceeds will support the company's efforts to advance the commercialization of SPRITAM® (levetiracetam) through an exclusive sales and marketing alliance with inVentiv Health, as well as accelerate the development of additional 3D printed drug formulations utilizing ZipDose® Technology, Aprecia's novel 3DP technology platform. SPRITAM, the world's first 3D printed medicine approved by the US Food and Drug Administration, is expected to launch in the first half of 2016.
"The capital supplied by these prestigious firms, in conjunction with inVentiv Health's continuous commitment to commercialization of Aprecia products, provides the resources required for success as we prepare to transition to a commercial enterprise during the next three to six months," said Don Wetherhold, CEO of Aprecia.
Aprecia is an emerging pharmaceutical company that expects to use its proprietary ZipDose Technology to transform the way people take medicine. Aprecia believes it is the first and only company in the world to utilize three-dimensional printing (3DP) technology to develop and manufacture pharmaceutical products on a commercial scale. Aprecia plans to introduce multiple highly prescribed, high dose medications utilizing ZipDose Technology in the coming years. The company's initial focus is on the central nervous system therapeutic area where there is a need for medicines that are easy to take. Aprecia's mission is to improve real-world outcomes by transforming the way medicine is experienced. The company is privately owned, with affiliates of Prasco, LLC and the Arington family holding a controlling interest. For more information visit www.aprecia.com.
Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy. For more information, please visit www.deerfield.com.
About inVentiv Health
inVentiv Health is a top-tier professional services organization that accelerates the clinical and commercial success of biopharmaceutical companies worldwide. Its combined Clinical Research Organization (CRO) and Contract Commercial Organization (CCO) help clients improve their performance to deliver much-needed therapies to market. With 14,000 employees providing services to clients in 70 countries, inVentiv Health designs best practices, processes and systems to enable clients to successfully navigate an increasingly complex environment. inVentiv Health, Inc. is privately owned by inVentiv Group Holdings, Inc., an organization sponsored by affiliates of Thomas H. Lee Partners, L.P., Liberty Lane Partners and members of the inVentiv Health management team. For more information, visit www.inVentivHealth.com,
SOURCE Aprecia Pharmaceuticals Company