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Article: Intranasal's Series A Brings In $39M For Pain, CNS Products.(Intranasal Therapeutics Inc.)(Isotechnika Inc.)(LipoScience Inc.)
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Staff Writer
Intranasal Therapeutics Inc. raised $39.1 million in a Series A round to support ongoing development of its nasal delivery platform, including the anticipated launch of its first product, a hydromorphone nasal spray for acute pain, for military use.
It's the largest venture capital round for ITI, which was founded in 1998 and took "a different path than most early stage companies," said Edwin Cohen, founder and chairman of ITI.
Since inception, the company has received a $1 million equity investment and a $2.5 million loan, both from the Commonwealth of Kentucky, followed by nearly $1 million from local investors. Beyond that, the ...