Supernus raises $15 million
Supernus Pharmaceuticals Inc. (Rockville, Md.) said on Friday that it raised $15 million in venture debt in December, bringing to $42 million the money it raised last month. The company disclosed in a Dec. 30 SEC filing that it sold its TCD Royalty LLC subsidiary to Royalty Opportunities S.a.r.l, an affiliate of OrbiMed Advisors LLC, for $27 million. Supernus is also eligible for a $3 million milestone payment from the sale of the subsidiary, which was established in 2008 to securitize royalties from overactive bladder treatment Sanctura XR extended-release trospium from Allergan Inc. (NYSE:AGN) and rosacea drug Oracea doxycycline from Galderma S.A. (Lausanne, Switzerland). The two products use Supernus' drug delivery technology. Details of the venture debt financing were not disclosed.
Supernus has two products under FDA review: SPN-538, an extended-release formulation of topiramate that is under review for epilepsy with an undisclosed PDUFA date; and Epliga oxcarbazepine (SPN-804), a once-daily extended-release formulation of oxcarbazepine for which the company submitted an NDA last month as an adjunctive therapy for epilepsy. ...