Highland Therapeutics Inc., a Toronto, Canada-based pharmaceutical company, completed a US$50m financing.
It consists of a US$25m offering of Class A Common Shares led by Eastern Capital Limited and a US$25m credit facility provided by Citibank, N.A.
Led by David Lickrish, President and Chief Executive Officer, and Dr. Bev Incledon, Senior Vice President of Research & Development, Highland Therapeutics is a specialty pharmaceutical company that, through its wholly owned subsidiary Ironshore Pharmaceuticals & Development, Inc., is leveraging its proprietary technology, DELEXIS®, to optimize the delivery of previously approved drug products.
The company’s lead product candidates, HLD-200 and HLD-100, are novel formulations of the psychostimulants (methylphenidate and amphetamine, respectively) used to treat Attention Deficit Hyperactivity Disorder (ADHD) and are being developed to address inadequate symptom control during the morning routine. Intended for nighttime dosing, DELEXIS® is designed to provide a consistent delay in the initial release of the active drug, followed by a period of extended release; with the objective of providing control of ADHD symptoms immediately upon wakening and throughout the day.
The proceeds from the financing will provide, among other things, the necessary resources for Highland, through its wholly owned subsidiary Ironshore Pharmaceuticals & Development, Inc. to:
(i) complete the clinical development of both HLD-200 (a formulation of methylphenidate) and HLD-100 (formulation of amphetamine),
(ii) secure dedicated manufacturing capacity to ensure certainty of commercial supply for the company’s products,
(iii) initiate the building of a sales & marketing infrastructure in the U.S.,
(iv) engage in pre-marketing initiatives and medical education activities and
(v) pursue pipeline expansion opportunities, including the potential utility of HLD-100 in Binge Eating Disorder (BED) and other indications.