Collegium Pharmaceutical, Inc., a Cumberland, RI-based specialty pharmaceutical company focused on the development of innovative treatments for chronic pain, has raised $22.5m in a Series B financing.
The round was led by Longitude Capital and Skyline Ventures, with participation from Series A investors Frazier Healthcare Ventures and Boston Millennia Partners.
The company intends to use the capital to develop its program for COL-003, a tamper-resistant, extended-release oxycodone product utilizing its proprietary DETERx® technology. Collegium has initiated a Phase III trial for COL-003 and is working to complete the remaining development activities required for regulatory submission.
Led by CEO Michael Heffernan the company expects to file the NDA for COL-003 in 2013.
In conjunction with the financing, David Hirsch, MD, PhD of Longitude Capital and Stephen Hoffman MD, PhD of Skyline will join Collegium’s board of directors. It already includes Patrick Heron of Frazier, Patrick Fortune, PhD of Boston Millennia and Michael Heffernan, the Company’s Founder and CEO.