SAN FRANCISCO, Jan. 5, 2017 /PRNewswire/ -- Satsuma Pharmaceuticals, Inc., a leader in developing best-in-class therapies to address the unmet needs of migraine sufferers, today announced the closing of a $12 million Series A financing co-led by RA Capital Management and TPG Biotech. RA Capital Portfolio Manager and Managing Director, Rajeev Shah, and TPG Biotech Partner and Managing Director, Heath Lukatch, Ph.D., have joined Satsuma's board of directors.
Satsuma Pharmaceuticals plans to utilize funds provided by the Series A financing to accelerate development of its lead product candidate, STS101. STS101 is a potential best-in-class therapy for migraine that combines the gold-standard anti-migraine drug, dihydroergotamine (DHE), with unique and proprietary dry-powder nasal formulation and delivery technologies created and developed over the past 15 years by SNBL that enable rapid absorption with high bioavailability of drugs delivered via the nose. DHE has multiple therapeutic advantages over other migraine therapies, including triptan therapies, but is not currently available in a fast-acting, patient-friendly, non-injectable preparation that achieves a pharmacokinetic profile similar to that achieved with injection.
STS101 has undergone extensive preclinical optimization and evaluation. Based on pharmacokinetic data generated to date, Satsuma anticipates STS101 will have a rapid onset of action and be highly effective and well-tolerated in a large number of migraine sufferers whose needs are not well served with current therapies, including those with difficult-to-treat migraine types. "We look forward to building upon the strong technology foundation established by our colleagues at SNBL over the past 15 years, expeditiously advancing development of STS101, and making STS101 available to migraine sufferers," commented John Kollins, Satsuma Pharmaceuticals co-founder, President and Chief Executive Officer.
"Many migraine sufferers are underserved with current therapies, and we believe the market for migraine therapeutics is poised for significant growth," commented Rajeev Shah, Portfolio Manager and Managing Director at RA Capital. "We believe Satsuma Pharmaceuticals and STS101 are well-positioned to deliver meaningful clinical benefits to patients with a highly-differentiated, best-in-class product that will be a valued addition to physicians' anti-migraine armamentarium."
"Our diligence indicates physicians and migraine sufferers strongly desire a fast-acting, effective, non-injected DHE product with the profile and attributes we anticipate STS101 will have. We look forward to working with Satsuma and SNBL to support development of STS101 and potentially additional products that utilize SNBL's unique dry-powder nasal formulation and delivery technology to address significant unmet patient needs," said Heath Lukatch, Ph.D., Partner and Managing Director at TPG Biotech.
About Shin Nippon Biomedical Laboratories, Ltd.
Headquartered in Tokyo, Japan, SNBL is a leading global preclinical and clinical contract research services provider and creator of innovative therapeutic technologies, including the proprietary dry-powder nasal formulation and drug delivery device technologies incorporated in Satsuma's lead product candidate, STS101, and the stereopure nucleic acid therapeutic technology being developed by SNBL spinout company, WAVE Life Sciences (NASDAQ: WVE).
For additional information, please visit http://www.snbl.co.jp
About RA Capital Management
RA Capital Management is a crossover investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to lead private, IPO, and follow-on financings for its portfolio companies, both facilitating the crossover process and allowing management teams to drive value creation with fewer capital concerns from inception through commercialization.
About TPG Biotech
TPG Biotech is TPG's life science venture capital platform. With $1.2 billion in assets under management, TPG Biotech focuses on subsectors such as therapeutics, medical devices, and healthcare services. TPG's team, which includes experienced investors, physicians, scientists, and technical experts, partners with innovative companies and talented entrepreneurs to expand and create new businesses. Since 2002, TPG Biotech has invested in more than 50 life science businesses.
John Kollins, President & Chief Executive Officer
Satsuma Pharmaceuticals, Inc.
For additional information, please visit Satsuma Pharmaceuticals' website: www.satsumarx.com
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SOURCE Satsuma Pharmaceuticals, Inc.