March 04, 2014 07:00 AM Eastern Standard Time
DALLAS/FORT WORTH, Texas--(BUSINESS WIRE)--Neos Therapeutics, Inc. ("Neos" or "the Company"), a highly differentiated oral drug delivery company with an exciting portfolio of proprietary technologies and a late-stage pipeline of innovative controlled release (CR) products for ADHD, announced today that it has completed an oversubscribed round of private financing, raising a total of $15.5 million. Investors participating in the financing included, Burrill Life Sciences Capital Fund III, CAC LLC, CMEA Capital, Crabtree Partners and Delaware Street Capital.
"We are very pleased that Neos' progress has allowed us to attract strong support from our investors"
With the successful completion of this financing as well as the recent commercialization of a generic of Tussionex®, an extended release cough cold product developed utilizing the Neos technology and manufactured by Neos, the company is well positioned for growth.
The funds will support the Company's efforts to obtain FDA approval of its existing product pipeline, and create an opportunity to expand the use of the proprietary controlled release technologies to develop additional CR orally disintegrating tablet and CR liquid products.
"We are very pleased that Neos' progress has allowed us to attract strong support from our investors," stated Vipin K. Garg, Ph.D., Chief Executive Officer of Neos. "This places the Company in an excellent financial position to execute our strategy of bringing novel products based on the Neos proprietary technologies to market. These technologies are currently being utilized to develop three ADHD products, which will advance significantly in the next 12-15 months."
About Neos Therapeutics
Neos Therapeutics Inc., is a specialty pharmaceutical company focused on the development and manufacture of FDA approved drug products that utilize the Company's proprietary delivery technologies. The Neos drug products are being developed using the Dynamic Time Release Suspension® (DTRS®) and Rapidly Disintegrating Ionic Masking™ (RDIM™) technologies that deliver controlled release (CR) small molecule active pharmaceutical ingredients (APIs) in either liquid or orally disintegrating tablet (ODT) dosage forms. By utilizing APIs that are already FDA-approved, Neos can reduce development and regulatory risk and efficiently advance targeted proprietary Rx products through the FDA's New Drug Application (NDA) approval process. For more information, visit www.neostx.com.
Dynamic Time Release Suspension® and DTRS® are registered trademarks of Neos Therapeutics, LP, an affiliate of Neos Therapeutics, Inc., and Rapidly Disintegrating Ionic Masking™ and RDIM™ are trademarks of Neos Therapeutics, Inc.
This press release contains certain "forward-looking statements" that include projections and may also include words such as "may", "will", "expects", "believes", "anticipates", "plans", "estimates", "seeks", "could", "intends", and other similar expressions. These forward-looking statements involve risks, uncertainties, assumptions and other factors that are difficult to predict and that could cause actual results to vary materially from what is expressed in or indicated by the forward-looking statements.
Neos Therapeutics, Inc.
Vipin K. Garg, Ph.D.
Chief Executive Officer