Texas-based Neos Therapeutics has rounded up $20.6 million to bankroll their late-stage regulatory work on extended-release formulations of a slate of ADHD drugs that is now being served up to regulators for review.
Presidio Partners, Crabtree Partners, CAC LLC, Delaware Street Capital, Burrill Life Sciences Capital Fund III and Essex Capital Corporation all participated in the round, following a $15.5 million Series C last spring.
The venture round comes just under a year since its last round, financing the newly filed NDA for its lead drug, NT-0102, a methylphenidate XR-ODT drug candidate. Two more candidates--an amphetamine XR-ODT and an amphetamine XR-Liquid Suspension--are being readied for NDAs of their own.
Neos' big idea is to take these amphetamines and whip up a single dose, extended-release formulation so that parents can make sure their kids get what they need at the beginning of the day. Parents keep control of the drugs without any pills going astray and kids don't have to worry about managing multiple doses.
"This tech is ion resin-based, so we take a small-molecule ionic API that is safe and effective and bind it to the ion resin, then coat it for controlled release," Neos chief technology officer, Mark Tengler, told FierceDrugDelivery last March. "As soon as you swallow it, the ions cross the membrane at a rate-determining step."
|Neos CEO Vipin Garg|
With the development work largely completed, Neos CEO Vipin Garg says it's time to transform into a commercial organization. "This places the company in an excellent financial position as we prepare to transition to a commercial enterprise during the next 6 to 12 months," he said in a statement.
- here's the release