NEW PROVIDENCE, NJ--(Marketwired - Jun 4, 2013) - Edge Therapeutics, Inc., a clinical-stage biopharmaceutical company focused on developing and commercializing life-saving hospital products for acute, fatal or debilitating conditions, announced today that it has raised $18 million in a Series C financing. Maxim Group LLC was the sole placement agent and financial advisor for the offering.
Edge expects to use the proceeds to fund a Phase 2 study of its lead product candidate, EG-1962 (nimodipine microparticles), for the prevention of delayed cerebral ischemia (DCI), a life-threatening complication of subarachnoid hemorrhage (SAH). Results from the first open-label clinical study of EG-1962 are scheduled for oral presentation at Vasospasm 2013, the 12th International Conference on Neurovascular Events after Subarachnoid Hemorrhage, on Fri., July 12, 2013 in Lucerne, Switzerland. Edge also plans to advance EG-1964, its second product candidate, currently in early-stage development for the treatment of chronic subdural hematoma, another potentially lethal type of brain hemorrhage.
"This significant funding fuels ongoing research of potentially life-saving therapies for patients to prevent catastrophic complications of brain hemorrhage," said Brian Leuthner, President and CEO of Edge Therapeutics. "We are gratified by the enthusiastic response of our investors."
Sol J. Barer, Ph.D., Chairman of the Board of Directors for Edge Therapeutics, added: "This significant investment gives Edge the financial resources to grow the Company and further develop its pipeline of life-saving products."
About Delayed Cerebral Ischemia
Delayed cerebral ischemia (DCI) is a delayed life-threatening neurological condition that occurs as a result of subarachnoid hemorrhage (SAH), a neurovascular event that is most commonly caused by a ruptured brain aneurysm (aneurysmal SAH) or a traumatic brain injury (TBI). DCI is a major cause of death and disability in patients who are treated in the hospital for SAH.1,2,3 According to the World Health Organization and the International Brain Injury Association, at least two million people each year suffer conditions that put them at risk for DCI. DCI commonly affects the working population (average age 50 years old) and occurs in approximately one-third of patients during the first two weeks after SAH, often resulting in substantial disability or death.1
About Edge Therapeutics, Inc.
Edge Therapeutics, Inc. is a private, clinical-stage biopharmaceutical company focused on developing and commercializing life-saving hospital products that improve patient outcome by addressing acute, fatal or debilitating conditions after brain hemorrhage that have no current effective treatment. The Company's patent-protected bio-absorbable microparticle formulations release drugs locally and consistently at therapeutic concentrations in the brain, with the objective of maximizing therapeutic activity and avoiding treatment-limiting systemic side effects seen with current treatments. Currently, oral- or IV-administered therapies are employed in suboptimal concentrations due to the generation of systemic side effects. Edge's lead products, EG-1962 (nimodipine microparticles) and EG-1964, are being developed to prevent various delayed complications after brain hemorrhage. EG-1962 is a proprietary microparticle formulation of the generic calcium channel blocker nimodipine, while EG-1964 delivers a hemostatic agent. For more information on Edge Therapeutics, Inc., please visit: www.edgetherapeutics.com.
About Maxim Group LLC
Maxim Group LLC is a full-service investment banking firm headquartered in New York. Maxim Group provides a full array of financial services including investment banking; private wealth management; and global institutional equity, fixed-income and derivatives sales and trading as well as equity research. The investment banking group focuses on middle market and emerging growth companies within the shipping, energy, health care, technology, retail, and business and financial services sectors. The institutional coverage of Maxim Group spans North and South America, Europe and Asia. Maxim Group LLC is a registered as a broker-dealer with the U.S. Securities and Exchange Commission and is a member of the following: Financial Industry Regulatory Authority (FINRA); Municipal Securities Rulemaking Board (MSRB); Securities Insurance Protection Corporation (SIPC); NASDAQ Stock Market and the NYSE Arca, Inc. To learn more about Maxim Group, visit www.maximgrp.com.
This press release and any statements of representatives and partners of Edge Therapeutics, Inc. (the "Company") related thereto contain, or may contain, among other things, certain "forward-looking statements" as defined in the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve significant risks and uncertainties. Such statements may include, without limitation, statements with respect to the Company's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "will," "could," "would," "should," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential" or similar expressions. These statements are based upon the current beliefs and expectations of the Company's management and are subject to significant risks and uncertainties. Actual results may differ significantly from those set forth in the forward-looking statements. These forward-looking statements involve certain risks and uncertainties that are subject to change based on various factors (many of which are beyond the Company's control). The Company undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.
1 Frontera JA, Fernandez A, Schmidt JM, et al. Defining vasospasm after subarachnoid hemorrhage: what is the most clinically relevant definition? Stroke 2009;40:1963-8.
2 Kassell NF, Torner JC, Haley EC Jr, Jane JA, Adams HP, Kongable GL. The International Cooperative Study on the Timing of Aneurysm Surgery. Part 1: Overall management results. J Neurosurg 1990;73:18-36.
3 Vergouwen MD, de Haan RJ, Vermeulen M, Roos YB. Effect of statin treatment on vasospasm, delayed cerebral ischemia, and functional outcome in patients with aneurysmal subarachnoid hemorrhage: a systematic review and meta-analysis update. Stroke 2010;41:e47-e52.