NextWave gets $45M, gets ready to introduce ADHD drug

NextWave Pharmaceuticals, a drug-delivery company based in Cupertino, CA, has attracted $45 million in Series C financing. The company said in a release that it will use the money to commercialize recently launched Nexiclon XR to treat hypertension and get ready to introduce an extended-release liquid methylphenidate for Attention Deficit Hyperactivity Disorder currently under review by the FDA.

Co-led by new investors Panorama Capital and Bay City Capital, the financing round included Kearny Venture Partners as well as NextWave's current investors: Aisling Capital, Fidelity Biosciences, Sofinnova Ventures and Vivo Ventures.

"NextWave is poised for near-term success," said Gaurav Aggarwal, partner at Panorama Capital, in a statement. "In addition to NextWave's filed NDA and promising pipeline, we are excited to back such a strong executive team with a depth of industry-specific experience and record of successfully bringing products to the market. NextWave's extended-release liquid methylphenidate will compete in a multi-billion dollar market that continues to grow."

- take a look at the NextWave release