Braeburn Pharmaceuticals, Inc., a Princeton, N.J.-based pharmaceutical company, completed a $110m mezzanine round of financing.
The round was led by Wellington Capital Management with participation from new investors Avista Capital Partners, RA Capital Management, New Leaf Venture Partners, Deerfield Management, and Rock Springs Capital as well as existing investor Apple Tree Partners.
In conjunction with the closing of the financing, Brian A. Markison will join the company’s Board of Directors, together with an additional nomination to be confirmed shortly. Mr. Markison is Chief Executive Officer and Chairman of Osmotica Holdings, S.C.Sp. and an Avista Operating Executive. He is a seasoned executive with more than 30 years of operational, marketing, and commercial experience with international pharmaceutical companies.
The company intends to use the funds to continue to advance the FDA approval process, and commercialize CAM2038, an investigational buprenorphine weekly and monthly depot injection for the treatment of adults with OUD.
Led by Mike Derkacz, President and CEO, Braeburn is dedicated to delivering solutions for people living with the serious, often fatal consequences of opioid addiction. The company is advancing CAM2038, an investigational buprenorphine weekly and monthly depot subcutaneous injection for the treatment of opioid use disorder, as a part of a comprehensive treatment plan to include counseling and psychosocial support. Evaluated in seven Phase 1-3 clinical trials, including a pivotal Phase 3 efficacy and a long-term safety study, CAM2038 is ready for use in prefilled syringes for weekly or monthly administration by a healthcare professional. If approved, it will be offered in dosage strengths for once weekly (8 mg to 32 mg) and once monthly (64 mg to 160 mg) subcutaneous injections.