Press Release: TransOral Pharmaceuticals Raises $40 Million in Series D Financing
TransOral Pharmaceuticals Raises $40 Million in Series D Financing, Proceeds Will Be Used to Complete Intermezzo Phase 3 Clinical Trials and File NDA. PT. RICHMOND, Calif., March 6, 2007 -- TransOral Pharmaceuticals, Inc. announced today that it has closed a Series D financing in the amount of $40 million. The capital raised will support the development of Intermezzo through NDA filing in the second half of 2008. Intermezzo(TM) is the company's lead product candidate for the treatment of insomnia in patients who awaken in the middle of the night and have difficulty returning to sleep. The investor syndicate was led by New Enterprise Associates (NEA) and included follow-on investments by New Leaf Venture Partners, Montreux Equity Partners, InterWest Partners, Hamilton BioVentures, Vivo Ventures, and Peninsula Equity Partners. Glenn A. Oclassen, TransOral President & CEO, stated, "We are pleased to add the proven capabilities and resources of New Enterprise Associates to our existing group of strong investors. NEA has a long history of building innovative healthcare companies, and we're proud to be associated with them." "We believe Intermezzo(TM) will address an important and underserved segment of the insomnia market," said Jake Nunn, New Enterprise Associates Partner. "This investment provides TransOral with the financial strength to file the Intermezzo(TM) NDA and we look forward to working with the company to leverage its unique position and create significant shareholder value." About TransOral TransOral Pharmaceuticals is a specialty pharmaceutical company deriving new patient benefits from proven CNS drugs. TransOral priority projects include the development of novel therapeutics for the treatment of insomnia, alcohol dependence, and migraine. The company recently completed a pivotal Phase 3 trial evaluating the company's lead product candidate Intermezzo(TM), low dose sublingual zolpidem for the treatment of insomnia in patients who awaken in the middle of the night and have difficulty returning to sleep. About New Enterprise Associates New Enterprise Associates (NEA) is a leading venture capital firm focused on helping entrepreneurs create and build major new enterprises that use technology to improve the way we live, work and play. Since its founding in 1978, the firm has followed the same core principles: supporting its entrepreneurs, providing an excellent return to its limited partners and practicing its profession with the highest standards and respect. NEA focuses on investments at all stages of a company's development, from seed-stage through IPO. With approximately $8.5 billion in committed capital, NEA's experienced management team has invested in over 550 companies, of which more than 155 have gone public and more than 220 have been acquired. NEA has US offices in Reston, Virginia, Menlo Park, California and Baltimore, Maryland. In addition, New Enterprise Associates (India) Pvt. Ltd. has an office in Bangalore, India and New Enterprise Associates (Beijing) Ltd. has offices in Beijing and Shanghai China. For additional information, visit www.nea.com.