SAN RAMON, Calif., Jan. 29, 2015 (GLOBE NEWSWIRE) -- SteadyMed Ltd., a specialty pharmaceutical company focused on the development and commercialization of therapeutic product candidates that address the limitations of market-leading products in orphan and other well-defined, high-margin specialty markets, today announced it has secured $12.2 million in an equity financing. The financing was co-led by funds advised by subsidiaries of Federated Investors Inc. and Deerfield Management Company L.P., and the company's largest existing shareholders also participated in the financing.
In conjunction with the closing of the financing, William Slattery, Partner at Deerfield, will join SteadyMed's Board of Directors. Mr. Slattery has been a Partner at Deerfield Management since 2000. Deerfield is an investment firm dedicated to advancing healthcare through investment, information, and philanthropy. Mr. Slattery has been an investor in public and private companies seeking to develop therapeutic options for many forms of disease, including for the treatment of pulmonary arterial hypertension (PAH), an orphan disease with no known cure.
"We are very pleased to have completed this latest round of financing, and I welcome Federated and Deerfield to our top-tier group of investors," said Jonathan M.N. Rigby, SteadyMed's President and Chief Executive Officer. "This year promises to be an important time for SteadyMed as we take the necessary steps to file for regulatory approval for Trevyent™, our lead drug product candidate that utilizes our proprietary PatchPump™ technology in combination with treprostinil to treat PAH."
"I look forward to contributing to SteadyMed's mission, as a Board member and healthcare investor," stated Mr. Slattery. "This investment recognizes the clear potential of Trevyent for PAH and the benefit to patients that it may someday provide."
Wells Fargo Securities acted as sole Placement Agent on the transaction.
About SteadyMed
SteadyMed Ltd., with offices in San Ramon, California and Rehovot, Israel, is a private, venture funded specialty pharmaceutical company focused on the development of drug product candidates to treat orphan and high value diseases with unmet parenteral delivery needs. These drug product candidates are being developed for potential approval via the 505(b)(2) regulatory pathway and, if approved, will be commercialized by SteadyMed using a targeted sales force and marketing infrastructure.
About Trevyent
Trevyent is not approved for sale by the FDA; it is a development stage drug product that uses SteadyMed's PatchPump to administer treprostinil, a vasodilatory prostacyclin analogue to treat pulmonary arterial hypertension. Unlike the current infusion systems used to deliver treprostinil, Trevyent will, if approved, come to the patient pre-programmed with the correct dose delivery rate and pre-filled with sterile, preservative free drug in a small, discreet, disposable and water resistant PatchPump.
About PatchPump
PatchPump is not approved for sale by the FDA; it is a novel, compact, prefilled, preprogrammed, disposable, parenteral drug administration platform.