Receptor Holdings, Inc., and its wholly-owned subsidiary, Receptor Life Sciences, a Seattle, WA-based biopharmaceutical company developing cannabinoid medicines featuring distinct pharmaceutical drug delivery technologies, raised $29m in a combined convertible debt and Series A round of financing.
The backers were not disclosed.
The company intends to use the funds to initiate IND-enabling studies in the United States and to formalize collaborations in Canada and Europe.
Led by Greg Wesner, Chief Executive Officer, Receptor Holdings owns or has exclusively licensed drug delivery technologies characterized by high bioavailability, rapid onset of action and lower variability and is applying these technologies to the field of cannabinoid therapy. Its wholly-owned subsidiary, Receptor Life Sciences, is focused on the development of cannabinoid drugs regulated by the U.S. Food and Drug Administration. It controls patented and disruptive oral and inhaled drug delivery technologies that are validated by their use in FDA-approved products. In initial studies, its oral dosage formulations facilitated rapid drug absorption from the GI tract with higher bioavailability than has been reported for existing oral cannabinoid products. Receptor’s inhalation technology combines a breath-powered inhaler with dry powder cannabinoid formulations that provides rapid, precise and discreet delivery of cannabinoid medicines to the deep lung.
Receptor Holdings also plans to introduce its technologies to the non-prescription cannabinoid markets that are developing in Canada, Europe and elsewhere.