YARDLEY, Pa., Aug. 4, 2014 /PRNewswire/ -- OptiNose, a specialty pharmaceutical company, announced today that it has completed a Series C-1 round of financing led by existing investors. Since obtaining Series C financing in 2010, OptiNose has successfully developed AVP-825, a product that, once approved, will be used for the treatment of migraines. OptiNose out-licensed the North American marketing rights for AVP-825 to a partner and jointly submitted a New Drug Application with the U.S. FDA earlier this year. In parallel with that program, OptiNose has actively pursued the significantly larger development program of OPN-375, a new product with applications in the treatment of serious chronic nasal inflammatory diseases.
Sriram Venkataraman, a director of OptiNose and a partner at Avista Capital Partners, said, "We are pleased with the progress of the clinical development programs to date and are committed to supporting the OptiNose team further as they execute on their clinical and commercial priorities, especially the development of the major new product OPN-375."
"With this latest round of financing, we are well-positioned to take the actions necessary to maximize the potential of our second product, OPN-375, which we believe will be a transformational breakthrough product in a large market with significant unmet need," said Peter Miller, Chief Executive Officer of OptiNose. "I am proud of the OptiNose team and the progress we have made together to date. I am also very excited about the future, as we continue late-phase clinical research, prepare commercial supply chain, and engage in pre-commercialization efforts around OPN-375."
OPN-375 uses OptiNose's patented technology to deliver a highly effective and well-understood topical steroid medication (fluticasone) into the nasal cavity in a deeply distributed manner that improves u
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