Proceeds Will Support Phase 3 Lead Clinical Pain Program for
LA JOLLA, Calif., May 15 /PRNewswire-FirstCall/ -- Transdel Pharmaceuticals, Inc. (OTC Bulletin Board: TDLP), a specialty pharmaceutical company focused on the development and commercialization of non-invasive topically administered medications, today announced the closing of a $4,000,000 private placement of its common stock and warrants.
The Company issued 1,818,180 shares of common stock at a price of $2.20 per share through a private placement to accredited investors. In addition, the investors received warrants to purchase 227,272 shares of common stock for a period of five years at a cash and cashless exercise price of $4.40 and $5.50 per share, respectively.
Proceeds from the financing will be primarily used to fund the Company's Phase 3 clinical program of Ketotransdel(TM), the Company's lead topical pain drug. Ketotransdel(TM) is a novel, topical cream-based formulation containing the non-steroidal anti-inflammatory drug ("NSAID") ketoprofen. The registration trial will be a randomized, double-blind, placebo controlled Phase 3 trial to study the efficacy and safety of Ketotransdel(TM) in acute soft tissue injuries.
Dr. Juliet Singh, President and Chief Executive Officer of Transdel Pharmaceuticals, stated, "We are very pleased to have closed this round of financing, as we plan to initiate our Phase 3 clinical study in the second quarter of this year. We are quite confident in our Phase 3 clinical study design, especially since our protocol was carefully reviewed by external experts and the U.S. Food and Drug Administration ("FDA"). We believe that Ketotransdel(TM) may address a significant unmet medical need for effective topical pain treatment without the gastrointestinal, cardiovascular and other safety concerns associated with oral pain medications."
The Company is exploring potential partnerships wit
|SOURCE Transdel Pharmaceuticals, Inc.|
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