ScPharmaceuticals has secured funding for commercialization of its recently approved on-body infusor, pricing a $50 million public offering ahead of the planned launch of the product early next year.
Last month, the company received FDA approval for its on-body infusor heart failure therapy at the third time of asking. The product, Furoscix, is a formulation of furosemide delivered via an on-body infusor for the treatment of congestion in patients with worsening heart failure. By formulating furosemide solution to a neutral pH, scPharmaceuticals enabled subcutaneous infusion of the molecule.
Delivering the drug via a wearable, preprogrammed system rather than the typical intravenous route opens up self-administration in outpatient settings. ScPharmaceuticals is now gearing up to show there is a market for its product.
To support commercialization, scPharmaceuticals has priced more than 6 million shares at $5.25 a pop. Combined with a pre-funded warrant, the stock offering is set to generate gross proceeds of more than $50 million.
The offering is part of a multifront push to strengthen scPharmaceuticals’ financial position ahead of the launch of Furoscix in the first quarter of next year. ScPharmaceuticals secured debt financing for up to $100 million with funds managed by Oaktree Capital Management last month and quickly drew down the first $50 million. The company had $45.4 million in the bank shortly before taking on the debt.
Shares in scPharmaceuticals have risen almost 40% this year. The increase covers a period in which the company, having twice been rejected over its device and manufacturing, finally got over the line at the FDA.