Incline Therapeutics, Inc., a Redwood City, CA-based specialty pharmaceutical company focused on the development of IONSYS™ (fentanyl iontophoretic transdermal system), has completed a $43m Series A financing.
The round was led by Frazier Healthcare Ventures, with participation from 5AM Ventures, Technology Partners, Adams Street Partners, Saints Capital Partners, and Emergent Medical Partners.
In conjunction with the financing, James Topper, M.D., Ph.D., General Partner of Frazier Healthcare Ventures, James Young, Ph.D., Venture Partner of 5AM Ventures, Jim Glasheen, Ph.D., General Partner of Technology Partners, and Terry Gould, Partner and Head of Direct Investments of Adams Street Partners, have joined the company’s board of directors.
In addition, Incline Therapeutics entered into a deal to acquire the rights to IONSYS™ from ALZA Corporation. Under the terms of the agreement, the company will receive an exclusive, worldwide license to IONSYS, an investigational product candidate intended to provide patient-controlled analgesia for adult inpatients requiring opioids following surgery. It was approved by both the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) in 2006*.
Separately, the company has granted Cadence Pharmaceuticals, Inc. (NASDAQ:CADX), a biopharmaceutical company focused on in-licensing, developing and commercializing proprietary product candidates principally for use in the hospital setting, an option to acquire Incline.
In conjunction with the agreement, Ted Schroeder, President and CEO of Cadence, has been appointed as Cadence’s representative on Incline’s board of directors.
* IONSYS is not currently marketed anywhere in the world. Before marketing it, regulatory approval must be sought (from both the FDA and EMA) for new patient safety features being developed into the system.
Additionally, FDA approval will require an acceptable Risk Evaluation and Mitigation Strategy (REMS) to manage risks associated with fentanyl contained in IONSYS, which is subject to potential abuse and misuse.