Egalet Announces Series B Financing and Names Bob Radie Chief Executive Officer --Abuse-resistant opioids ready to enter pivotal trial--
MALVERN, Pa., May 7, 2012 /PRNewswire/ -- Egalet Ltd., a privately held specialty pharmaceutical company focused on developing safe, effective and abuse-resistant medications, announced today that it has raised $14.3 million in a Series B financing round adding CLS Capital to the existing group of investors that includes Atlas Venture, Omega Funds, Sunstone Capital and Index Ventures. In addition, the company has appointed Bob Radie as president and chief executive officer (CEO).
Egalet is moving into the final stage of testing with its lead programs of abuse-resistant pain medications.
"With the funds raised and Bob's appointment, Egalet is well positioned to move through the final stage of development with its lead abuse-resistant pain programs," said Jean-Francois Formela, Chairman of the Board. "With the increase in abuse of pain medications and the increasingly restrictive regulation and oversight of pain medications, there is a growing need for the Egalet's abuse-resistant opioids in development."
Mr. Radie has almost 30 years of experience in the pharmaceutical and biotechnology industries. Most recently, he served as president and CEO of Topaz Pharmaceuticals which was acquired by Sanofi Pasteur in the fourth quarter of 2011. Prior to Topaz, he was president and CEO of TransMolecular, Inc., a biotechnology company developing novel cancer diagnostic and treatment products. As chief business officer of Morphotek and then Prestwick Pharmaceuticals, Inc., Mr. Radie played a lead role in the acquisition of Morphotek by Eisai, Inc. and then Prestwick by Biovail Corp. in 2007 and in 2008. He also served as senior vice president of strategic projects and planning at Vicuron Pharmaceuticals which was acquired in 2005 by Pfizer. Before joining Vicuron, Mr. Radie worked for Eli Lilly and Company, where he led several different sales forces and played a key role in numerous product launches including the launch of Prozac®, Zyprexa® and Actos®. Mr. Radie holds a bachelor of science degree in chemistry from Boston College.
"With the Egalet technology we can produce novel therapeutics that offer considerable benefits to patients, physicians and regulators," said Bob Radie. "With the growing problem of opioid abuse these days, our lead programs offer us an opportunity to deliver abuse-resistant solutions leveraging our Egalet technology platform. I look forward to working with the team to move through the final stage of development and exploring the additional product opportunities we can develop on our own or with a partner."
About Egalet Ltd.
Egalet Ltd. is a specialty pharmaceutical company using its patented technology to produce novel therapeutics on its own and with partners. Based on the proprietary technology, Egalet is developing a pipeline of abuse-resistant opioids that are nearing pivotal testing. In addition, Egalet has collaborations with pharmaceutical and biotechnology companies in the initial phase of clinical testing.
Egalet has pioneered one of the world's first erosion-based delivery technologies to enable the controlled release of drugs through gradual erosion of a tablet. In addition, the Egalet technology, a novel, patented drug delivery platform, was designed to prevent easy extraction and to deter the abuse of medications via known routes of abuse, including chewing, snorting, and injecting. The uniquely shaped, patient-friendly tablet consists of matrix and can add a shell or coat. By altering the composition of the shell and matrix, a variety of extended-release formulations can be produced. The technology offers a predictable and tailored pharmacokinetic profile, lacks a significant food effect and alcohol dose dumping, and can be used with a broad range of opioids and non-opioids. Egalet has extensively filed patents to protect its inventions covering both the technology and product-specific patents. Please visit www.egalet.com for more information.
E. Blair Schoeb
SOURCE Egalet Ltd.