MENLO PARK, Calif., Sept. 26 /PRNewswire/ -- Corium International, Inc., a privately-held transdermal drug delivery company, today announced that it has completed a $25.1 million Series C financing led by Essex Woodlands Health Ventures. Quantum Technology Partners, Aphelion Capital and a strategic investor also participated in the round. In connection with the financing, StrataGent Life Sciences, Inc., an Essex Woodlands Health Ventures portfolio company focused on needle-free delivery of drugs, will merge into Corium. Corium and Essex Woodlands Health Ventures have also set terms for a $15.2 million Series D financing to occur within 24 months, subject to certain conditions. Seven Hills Partners LLC acted as Corium's exclusive financial advisor and placement agent in these transactions.
The combined Company will use the proceeds to develop Corium's pipeline of advanced transdermal products employing its proprietary MicroCor(TM) microneedle technology and Corplex(TM) polymer adhesive technology. The Company will also use proceeds to develop products based on StrataGent's liquid microjet drug delivery technology.
Robert Thomas, currently CEO of StrataGent and former CEO of FoxHollow Technologies, Inc., will serve as CEO of the combined company, while Ron Eastman of Essex Woodlands Health Ventures will become the Company's chairman. Joining Mr. Eastman on the board of directors will be Corium co-founder Gary Cleary and StrataGent co-founder Ravi Srinivasan.
"Corium and StrataGent create a formidable platform for developing and manufacturing advanced drug products delivered through the skin. In addition, Corium brings an existing and fast growing revenue pipeline that generates significant profits," noted Robert Thomas. "I am excited by the potential of this combination and its new partnership with a group of seasoned investors."
"Corium is thrilled to partner with a premier healthcare venture firm
like Essex Woodlands Health Ventures. T
|SOURCE Corium International, Inc.|
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