News
EKR Therapeutics, Inc. Concludes $13 million Series C Round
and Acquires Licensing Rights of DepoDur from Pacira
Radnor, PA, August 31, 2007 – NewSpring Capital of Radnor, PA and Short Hills, NJ announces today that two of its funds, NewSpring Ventures and NewSpring Healthcare, have jointly participated in a $13 million Series C follow-on investment in EKR Therapeutics, Inc. (EKR). EKR Therapeutics is a specialty pharmaceutical company focused on acquiring, developing and commercializing FDA-approved products used to enhance patient quality-of-life in the acute-care setting. The Series C financing bolsters EKR’s existing cash position in support of ongoing operations and the acquisition of exclusive marketing and distribution rights to DepoDur® for the Americas from Pacira Pharmaceuticals, Inc.
DepoDur, which utilizes the DepoFoam® drug delivery technology, is the only extended-release opioid that is approved by the Food and Drug Administration for epidural use in treating post operative pain. A single injection of DepoDur into the lumbar epidural space may provide pain relief for up to 48 hours following major surgery without the restrictions and potential complications associated with an indwelling epidural catheter.
“Pacira’s technology platform significantly enhances the value potential of DepoDur and the product’s characteristics fit exceptionally well with EKR Therapeutics’ acquisition model,” said Howard Weisman, EKR Chairman and CEO. “DepoDur is patent protected, addresses an important medical need in our market space, and has growth prospects that can be fully exploited through the application of EKR Therapeutics’ expertise and strengths in the acute-care market.”
According to Zev Scherl, Partner of NewSpring Capital, LLC, “We are very excited about the growth prospects of DepoDur and EKR’s ability to promote the product in an acute care setting. Management continues to demonstrate their ability to achieve company milestones. DepoDur represents EKR Therapeutics’ second product acquisition and is extremely complimentary to the Company’s existing product; Gelclair.” Gelclair, which is marketed to acute care facilities and cancer centers, is indicated for the management of pain associated with oral lesions of various etiologies, including chemotherapy and radiation induced oral mucositis/stomatitis.
About EKR Therapeutics, Inc.
EKR Therapeutics is a privately held specialty pharmaceutical company that has brought together a highly seasoned management team of industry professionals. The Company focuses on the acquisition, development and commercialization of proprietary products for the acute care segment of the healthcare market, including oncology supportive care therapeutics. From its inception in 2005, EKR Therapeutics has been organized to be a class leader in commercializing products to address unmet and under-satisfied medical needs to otherwise enhance the therapeutic value of acute care prescription products. EKR Therapeutics’ goal is to be the pre-eminent provider of acute care specialty products, backed by a commitment to excellence in customer service. For additional information about EKR, visit the Company’s website at www.ekrtx.com.
