NEW YORK, Oct. 1, 2013 /PRNewswire/ -- Relmada Therapeutics Inc., a clinical-stage company developing novel therapies for the treatment of chronic pain, today announced the final closing of a Series A financing raising $8 million in gross proceeds. The offer was oversubscribed and Laidlaw & Company (UK) Ltd. acted as the exclusive placement agent.
The company intends to use the Series A proceeds to continue the development of its product pipeline and for general corporate activities. "This impressive response from investors clearly shows the potential of our diversified product portfolio of drug candidates aimed to address the significant unmet medical need in chronic pain," said Sergio Traversa, CEO of Relmada. Based on this successful offering, we plan to complete the required steps for LevoCap ER to enter Phase III of development, d-methadone to enter Phase IIb, MepiGel and BuCap to start the pilot PK studies and to prepare the company for a public transaction in the first half of 2014.
About Relmada Therapeutics
Relmada Therapeutics, Inc. is a clinical stage, private biopharmaceutical company with a diversified portfolio of four products and a deep early stage pipeline for the treatment of pain. Relmada's strategy focuses on two complementary pillars: the improvement of proven drug candidates with novel delivery methods and pharmaceutical compositions and the development of d-methadone as an innovative NMDA (N-Methyl-D-aspartate) inhibitor platform.
The Company is currently developing several drug candidates including: LevoCap ER, its abuse resistant, once–a-day sustained release dosage form of the opioid analgesic levorphanol; d-methadone, the NDMA receptor antagonist for diabetic painful neuropathy (DPN); BuCap, its oral dosage form of the opioid analgesic buprenorphine; MepiGel, its FDA Orphan Drug designated topical formulation of the local anesthetic mepivacaine.
About Laidlaw & Company, LTD.
Laidlaw & Company is a full service investment bank and securities brokerage firm with offices in New York, London, San Francisco and select additional locations. Its corporate finance efforts are focused on the healthcare, natural resource and social commerce sectors. In addition to capital raising, its investment banking arm provides M&A, restructuring and other financial advisory services for public and private small cap and middle market clients across a broad cross‐section of industry sectors. Its brokerage arm provides wealth management services for domestic and international high‐net‐worth and institutional clients. Laidlaw is authorized by the FSA in the United Kingdom, and is regulated by FINRA in the United States. (Source: http://www.laidlawltd.com).
Safe Harbor Statement
This release contains forward‐looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Any statements contained herein that do not describe historical facts are forward‐looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward looking statements. The Company assumes no obligation to update or supplement any forward‐looking statements whether as a result of new information, future events or otherwise.
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SOURCE Relmada Therapeutics Inc.