Egalet Ltd., a Værløse , Denmark-based specialty pharmaceutical company focused on developing abuse-resistant medications, has raised $14.3m in a Series B financing.
Backers included CLS Capital and existing investors Atlas Venture, Omega Funds, Sunstone Capital and Index Ventures.
The company intends to use the funding to move through the final stage of development with its lead abuse-resistant pain programs.
Led by newly appointed president and CEO Bob Radie, Egalet uses its patented technology to develop a pipeline of abuse-resistant opioids that are nearing pivotal testing. In addition, the company has collaborations with pharmaceutical and biotechnology companies in the initial phase of clinical testing.