Topaz Pharmaceuticals Receives $20 million Series A Financing
PHILADELPHIA -- Topaz Pharmaceuticals Inc., a pharmaceutical company dedicated to the health and well being of children, today announced that it has secured $20 million in Series A financing from Aisling Capital (New York) and Fidelity Biosciences (Boston). The funds will be used to help Topaz complete clinical trials of the companyâ€™s new prescription medicine to fight head lice, and prepare the product for market.
Topaz is developing its lead product to give healthcare professionals a new choice to treat head lice infestations which are becoming more resistant to some traditional treatments. Between 6 and 12 million children are affected by head lice in the United States each year.
â€œThis round of funding is a significant milestone in the evolution of Topaz Pharmaceuticals Inc.,â€ said Nick Spring, Topaz Pharmaceuticals president and chief executive officer. â€œAisling Capital and Fidelity Biosciences are the types of partners that fully understand the medical significance of our offering.â€
This latest round of funding was conducted with financial advice from Seaview Securities LLC and advised by Fox Rothschild LLPâ€™s Technology and Venture Finance Group.
About Topaz Pharmaceuticals
Topaz Pharmaceuticals Inc., an early stage company, intends to develop a range of pediatric medicines. Its initial lead product is a novel and kid friendly formulation of an active ingredient derived from a naturally occurring soil organism that is lethal to head lice. Topaz initially benefited from support provided by the Ben Franklin Technology Partners of Southeast Pennsylvania. For more information about Topaz Pharmaceuticals Inc. please visit www.topazpharma.com.