scPharmaceuticals Announces Closing of $45.6 Million in Series B Financing
Funding supports preparation for commercial introduction of Furoscix™ and further advancement of the sc2Wear™ drug delivery platform.
FOR IMMEDIATE RELEASE: Lexington, MA, January 4, 2017 — scPharmaceuticals, Inc., a privately held pharmaceutical company developing transformative pharmaceutical products for subcutaneous delivery announced today that it has closed a $45.6 million Series B investment round. The investment was co-led by OrbiMed and a wholly-owned subsidiary of Sun Pharmaceutical Industries Ltd. (Sun Pharma). In addition to OrbiMed and Sun Pharma, existing investors 5AM Ventures and Lundbeckfond Ventures participated in the financing. This Series B investment will support the development of the operational and commercial infrastructure to bring Furoscix™ and the sc2Wear™ Infusor to market in the United States.
“We are very pleased with the strong interest in this financing round from leading life science and strategic corporate investors,” said Pieter Muntendam, MD, founder, president and CEO of scPharmaceuticals. “The additional funds will support our preparation for the commercial introduction of Furoscix and the sc2Wear Infusor, as well as further development of our antibiotic pipeline products.”
As a part of the new financing, Mr. Jonathan Silverstein, JD, a Partner and Co-Head of Global Private Equity at OrbiMed, and Mr. Abhay Gandhi, CEO of North America at Sun Pharma, will join the scPharmaceuticals Board of Directors.
“OrbiMed is pleased to participate in this financing of scPharmaceuticals,” said Jonathan Silverstein. “The timing is right for the development of innovative life sciences products, such as the sc2Wear platform, which aim to reduce the overall cost of healthcare.”
scPharmaceuticals, based in Lexington, MA, is a privately held pharmaceutical company developing a portfolio of transformative pharmaceutical products for subcutaneous delivery. Based on widely used generic drugs that currently require intravenous or intramuscular injections, innovative products will be administered subcutaneously via a proprietary patch pump. This avoids material risks and costs associated with the current delivery options. Our lead products are the first subcutaneous formulation of furosemide (the most widely used parenteral diuretic in treating heart failure), and ceftriaxone (the most widely used parenteral antibiotic used outside the hospital setting). Our novel furosemide formulation enables convenient anytime anywhere use, for example in an outpatient setting instead of the emergency room or other in-patient settings. For ceftriaxone and other antibiotics, subcutaneous administration eliminates the need for PICCs (peripherally inserted central catheters), which are associated with serious complications, frequent adverse events and high medical cost.
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector with more than $13 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies utilizing a range of private equity funds, public equity funds, royalty/debt funds, and other investment vehicles. OrbiMed maintains offices in New York City, Herzliya, San Francisco, Shanghai, and Mumbai. As the largest investment firm dedicated to the healthcare sector globally, OrbiMed seeks to be a capital provider of choice. OrbiMed has the flexibility to provide equity and debt capital along with the global team resources required to be an exceptional long-term partner for building world-class healthcare companies. http://www.orbimed.com/en/about-us
about Sun Pharmaceuticals Industries Ltd
Sun Pharma is the world’s fifth largest specialty generic pharmaceutical company and India’s top pharmaceutical company. A vertically integrated business, economies of scale and an extremely skilled team enable us to deliver quality products in a timely manner at affordable prices. It provides high-quality, affordable medicines trusted by customers and patients in over 150 countries across the world. Sun Pharma’s global presence is supported by 47 manufacturing facilities spread across 6 continents, R&D centres across the globe and a multi-cultural workforce comprising over 50 nationalities. The consolidated revenues for 12 months ending March 2016 are approximately US$ 4.3 billion, of which US contributes US$ 2.1 billion. In India, the Company enjoys leadership across 12 different classes of doctors with 32 brands featuring amongst top 300 pharmaceutical brands in India. Its footprint across emerging markets covers over 100 markets and 6 markets in Western Europe. Its Global Consumer Healthcare business is ranked amongst Top 10 across 4 global markets. Its API business footprint is strengthened through 14 world class API manufacturing facilities across the globe. Sun Pharma fosters excellence through innovation supported by strong R&D capabilities comprising about 2,000 scientists and R&D investments of over 8% of annual revenues.
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