Cupertino, CA-based NextWave Pharmaceuticals has rounded up and impressive $45 million in Series C financing to support commercialization of Nexiclon XR, a 24-hour liquid extended release product for hypertension. The developer is also expanding its CNS drug portfolio and plans to introduce a new extended-release liquid methylphenidate for ADHD. That drug is already under FDA review. The round was co-led by new investors Panorama Capital and Bay City Capital.
NextWave Pharmaceuticals, based in Cupertino, CA, is collaborating with Tris Pharma on liquid formulations of CNS pharmaceuticals. Tris Pharma develops what it calls its OralXR+ platform, which enables sustained release in liquid, chewable and strip forms, making it easier for kids who don't want to swallow their pills to get their medicine. NextWave's CNS products, as well as Nexiclon XR, feature Trius' OralXR+ technology.
"NextWave is poised for near-term success," said Gaurav Aggarwal, a partner at Panorama Capital. "In addition to NextWave's filed NDA and promising pipeline, we are excited to back such a strong executive team with a depth of industry-specific experience and record of successfully bringing products to the market. NextWave's extended-release liquid methylphenidate will compete in a multi-billion dollar market that continues to grow."
- take a look at the NextWave release