Satsuma Pharmaceuticals, Inc., a South San Francisco, CA-based, Calif.-based clinical-stage biopharmaceutical company developing STS101, (dihydroergotamine (DHE) nasal powder) for the acute treatment of migraine, raised $62m in Series B financing.
The round was led by Wellington Management Company, with participation from existing investors RA Capital Management, TPG Biotech, and Shin Nippon Biomedical Laboratories, and new investors Osage University Partners, CAM Capital, Surveyor, Eventide Asset Management, Cormorant, Lumira Ventures, and SBI Investment.
The company intends to use the funds to support Phase 3 development of STS101. In consultation with the FDA, Satsuma has established key elements of its Phase 3 development program, including the design of the Phase 3 efficacy study, to support a New Drug Application (NDA) for STS101 for the acute treatment of migraine. Satsuma plans to initiate its randomized, double-blind, placebo-controlled Phase 3 clinical trial of STS101 in the third quarter of 2019.
Led by John Kollins, President and Chief Executive Officer, Satsuma is a clinical-stage biopharmaceutical company focused on developing STS101 as a therapeutic option for the acute treatment of migraine. STS101 is a novel and proprietary investigational drug-device combination product specifically designed to enable intranasal administration of the anti-migraine drug, dihydroergotamine (DHE), with a pharmacokinetic profile optimized to provide consistent and robust clinical efficacy.
In developing STS101, Satsuma has applied proprietary nasal drug delivery, dry-powder formulation, and engineered drug particle technologies to create a compact, simple-to-use, self-administered, and non-injectable DHE product.
STS101 has undergone extensive pre-clinical optimization and recently completed a Phase 1 clinical trial.
Satsuma has operations in both California and Research Triangle Park, North Carolina.