Egalet Ltd., a London, UK- and Malvern, PA-based specialty pharmaceutical company developing and planning to commercialize abuse-deterrent oral products for the treatment of pain and other indications, closed a financing of up to $20m.
The round, which was led by Index Ventures with participation from other existing investors, includes $10m already raised with an option for an additional $10m investment under pre-specified conditions.
Led by Bob Radie, president and chief executive officer, Egalet uses its proprietary platform to develop clinical-stage, opioid-based product candidates in tablet form that are specifically designed to deter abuse by physical and chemical tampering while also providing tailored release of the API. Its lead product candidates, Egalet-001 and Egalet 002, are oral formulations of commonly prescribed opioids in development for the treatment of moderate to severe pain.
The company intends to use the funds to begin its pivotal studies for Egalet 001 in the first quarter of 2014. During the same period, it also plans to submit a new drug application, or NDA, to the U.S. Food and Drug Administration, or FDA.