Turing Pharmaceuticals AG, a New York City and Zug, Switzerland-based biopharmaceutical company focused on discovering and developing treatments for serious and life-threatening diseases, completed a $90m Series A financing.
The round was led by Martin Shkreli, Founder & Chief Executive Officer, with participation from multiple institutional equity investors, and also included the issuance of senior secured debt.
The company intends to invest the proceeds in acquisitions as well as advancing and accelerating its pipeline of novel drug candidates.
Turing Pharmaceuticals is a biopharmaceutical company that focuses on developing and commercializing innovative treatments for serious diseases and conditions across a broad range of therapeutic areas, for which there are currently limited or no treatment options.
Products being developed include intranasal ketamine for a variety of mood disorders and Syntocinon® (oxytocin nasal solution) for multiple indications.
The first commercial product of the company is Vecamyl® (mecamylamine HCl tablets) for hypertension.
The company also announced that it has acquired the exclusive rights to market Daraprim® (pyrimethamine) in the U.S. from Impax Laboratories, Inc. The acquisition by Turing is part of a strategic effort focused on treatments for toxoplasmosis and other serious infectious diseases.