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Egalet Announces Financing to Fund Abuse-Deterrent Medications
Date:9/12/2013

MALVERN, Pa., Sept. 12, 2013 /PRNewswire/ -- Egalet Ltd., a specialty pharmaceutical company developing and planning to commercialize abuse-deterrent oral products for the treatment of pain and other indications, announced today that it has closed a financing of up to $20 million led by Index Ventures with participation from other existing investors.  Egalet has received $10 million initially, with an option for an additional $10 million investment under pre-specified conditions.

Prescription drug abuse became the leading cause of accidental death in the United States in 2008 surpassing deaths caused by automobile accidents.  A 2011 research report prepared by the Substance Abuse and Mental Health Services Administration of the U.S. Department of Health and Human Services, or SAMHSA, estimated that nearly 35 million Americans have used prescription pain relievers, including opioid-containing drugs, for non-prescription purposes at least once in their lifetime.  As of 2007, the total costs of prescription drug abuse were estimated to be up to $72.5 billion annually for public and private healthcare payors in the United States according to the North American Journal of Managed Care. 

Egalet has created two distinct drug delivery systems, each with novel abuse-deterrent features and the ability to control the release profile of the active pharmaceutical ingredient, or API. Using the Company's proprietary platform, Egalet has developed a pipeline of clinical-stage, opioid-based product candidates in tablet form that are specifically designed to deter abuse by physical and chemical tampering while also providing tailored release of the API.  Egalet's lead product candidates, Egalet-001 and Egalet 002, are abuse-deterrent, extended-release, ora
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SOURCE Egalet Ltd.
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