Edge Therapeutics, a Berkeley Heights, N.J.-based clinical-stage biotechnology company, raised approximately $72.5m in funding.
The proceeds came from two private financing rounds. The most recent round, a $56m Series C-2 financing, was completed in April 2015. It was led by Venrock with participation of Sofinnova Ventures, Janus Capital Management LLC, funds managed by Franklin Advisers, Inc., New Leaf Venture Partners and BioMed Ventures. The earlier round, a $16.5m Series C-1 financing, was completed in December 2014 and included investments by a number of high net worth individuals, family offices and private foundations.
In conjunction with the C-2 round, Anders Hove, M.D., Partner at Venrock and James Healy, M.D., Ph.D., Managing Partner of Sofinnova Ventures, joined Edge Therapeutics’ Board of Directors.
Led by Brian Leuthner, President and CEO, Edge Therapeutics discovers, develops and seeks to commercialize novel, hospital-based therapies for acute, life-threatening neurological conditions. It is developing EG-1962, a novel polymeric nimodipine microparticle that utilizes its proprietary development platform to avoid the dose-limiting side effects associated with oral nimodipine, including hypotension, by administering treatment directly to the site of the injury; as well as EG-1964, for prevention of recurrence of chronic subdural hematoma.
The compny intends to use the funds to complete its Phase 1/2 NEWTON study and prepare for a Phase 3 pivotal study for its lead product candidate, EG-1962, which is designed to improve patient outcome following an aneurysmal subarachnoid hemorrhage (aSAH), also known as a ruptured brain aneurysm.