STOCKHOLM, February 23, 2016 /PRNewswire/ --
Redwood Pharma AB has completed a SEK 6.6 million private placement to fund development of its lead product candidate RP101 for the treatment of chronic Dry Eye Disease. The active substance has been successfully tested in two human clinical Phase II studies and will now be tested in combination with IntelliGel®, the company's new drug delivery system. This technology, obtained through an exclusive, world-wide license from Broda Technologies for all ophthalmic uses, will facilitate application by patients and create a new, convenient product for the large population of sufferers with moderate to severe Dry Eye. CEO Martin Vidaeus stated, "Market interest within the pharmaceutical community has never been greater in the last 15 years for new medicines within ophthalmology. With the completion of this private placement, the company is well positioned to show the positive effects of the combination of our active substance and the slow-release technology."
About Redwood Pharma
The firm is a pharmaceutical company focused on development of new ophthalmic therapies where there are clear and unmet clinical needs. Redwood Pharma's lead product in development is a new eye drop designed to treat an underlying cause of chronic Dry Eye Disease in post-menopausal women. Through the IntelliGel® drug delivery platform, a technology developed for controlled release, the company creates exciting opportunities to improve existing therapies and also to develop new ones.
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SOURCE Redwood Pharma AB