NEW YORK, Jan. 27, 2016 /PRNewswire/ -- Deerfield Management Company announced today that it invested $30 million to lead a $35 million financing in Aprecia Pharmaceuticals. Proceeds from this financing will allow Aprecia to launch SPRITAM®, the world's first 3D printed medicine approved by the U.S. Food and Drug Administration, as well as accelerate the development of additional 3D printed drug formulations utilizing Aprecia's novel 3DP technology platform.
Aprecia is a specialty pharmaceutical company using its proprietary 3D printing technology platform to develop and manufacture pharmaceuticals. The company's ZipDose formulation platform enables rapid dissolving forms of drugs that may exceed the formulation limits of existing fast-melt technologies. SPRITAM® is an oral fast-melt form of levetiracetam for epilepsy.
"Based on extensive market research conducted by the Deerfield Institute, we believe there is a substantial population of epilepsy patients, particularly children, who are not well served by existing formulations and will benefit from SPRITAM® and the other epilepsy drugs in Aprecia's pipeline," stated Jonathan Leff, Partner at Deerfield. "We are very pleased to join with the Aprecia team to advance the commercialization of important new therapies based on the company's unique 3D printing technology."
"We are excited to have Deerfield as our partner in the launch of SPRITAM®. Deerfield has demonstrated tremendous knowledge of the field as well as creativity and flexibility in structuring the financing. With its desire to advance healthcare and address unmet patient needs, we believe Deerfield is an ideal partner for Aprecia," stated Don Wetherhold, CEO of Aprecia.
About Aprecia Pharmaceuticals
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
Deerfield Management Company
Karen Heidelberger, 212-692-7140
SOURCE Deerfield Management Company