Rockville, MD-based Supernus has raised $35 million from an unnamed drug development partner. Supernus sold the future royalties from a new product it will help the partner develop. And that brings its haul of non-dilutive cash to $110 million for the last 17 months, according to a report in the Washington Business Journal.
"This is non-dilutive," Supernus CFO Rip Wilson tells the newspaper. "In this environment, with valuations for a lot of companies crushed, both public and private, that's a big deal. ... It was a strategic decision."
Last year, Supernus borrowed $75 million against its royalties from two therapies that rely on its technology. Much of the new money will be devoted to the late-stage clinical trials of two experimental epilepsy drugs now slated to begin by next year. An ADHD drug is in early-stage trials.
- read the report from the Washington Business Journal