Vensun Pharmaceuticals, Inc., a Yardley, Pennsylvania-based generic pharmaceutical company, completed a $15.8m Series B financing.
The round was led by JW Asset Management, LLC, with participation from entities affiliated with Dr. Allen Chao, the co-founder of Watson Pharmaceuticals, Inc., now Actavis plc (NYSE: ACT).
The company will use the funds to increase the number of products under development and explore additional in-license opportunities.
Established in July 2011, Mr. Hem Pandya, President and CEO, Vensun is developing a portfolio of complex generic prescription products in various dosage forms covering a broad range of therapeutic categories with a number of strategic partners in the US and overseas.
The company has over 40 products in active development with multiple strategic partners and expects to launch several generic products in 2014.