Napo Pharmaceuticals Secures $2 Million in Financing
January 03 2017 - 09:00AM
Business Wire
Napo Pharmaceuticals, Inc. (“Napo”), announced today that it has
obtained $2 million in secured convertible debt financing from New
York-based Kingdon Capital Management, LLC. Proceeds from the
financing will primarily be used by Napo for the commercialization
of Mytesi™.
Mytesi™ (crofelemer) is the only antidiarrheal indicated for the
symptomatic relief of noninfectious diarrhea in adult patients with
HIV/AIDS on antiretroviral therapy (ART). Napo introduced Mytesi™
in the U.S. this past October.
“We’re pleased to have additional funds to build inventory and
achieve greater awareness of Mytesi™ among people living with
HIV/AIDS,” commented Katie MacFarlane, Senior Vice President of
Commercial Development at Napo. “Surveys indicate that 1 in 5
people living with HIV experience diarrhea, and there is a growing
demographic of those who have lived with HIV for more than a
decade—a population that may be more at risk for experiencing
diarrhea.”
As previously announced, Napo has signed a non-binding letter of
intent (“LOI”) with Jaguar Animal Health, Inc. (NASDAQ: JAGX)
(“Jaguar”) potentially to merge the two companies. Napo has
provided Jaguar with exclusive worldwide rights for veterinary
applications to crofelemer and corresponding rights to all related
Napo technology.
About Mytesi™
Mytesi™ (crofelemer) is an antidiarrheal indicated for the
symptomatic relief of noninfectious diarrhea in adult patients with
HIV/AIDS on antiretroviral therapy (ART). Mytesi™ is not indicated
for the treatment of infectious diarrhea. Rule out infectious
etiologies of diarrhea before starting Mytesi™. If infectious
etiologies are not considered, there is a risk that patients with
infectious etiologies will not receive the appropriate therapy and
their disease may worsen. In clinical studies, the most common
adverse reactions occurring at a rate greater than placebo were
upper respiratory tract infection (5.7%), bronchitis (3.9%), cough
(3.5%), flatulence (3.1%), and increased bilirubin (3.1%).
More information and complete Prescribing Information are
available at Mytesi.com.
About Napo Pharmaceuticals, Inc.
San Francisco-based Napo Pharmaceuticals, Inc., focuses on the
development and commercialization of proprietary pharmaceuticals
from rainforest resources for the global marketplace in
collaboration with local partners.
About Kingdon Capital Management, LLC
Kingdon Capital Management, LLC is a New York-based alternative
investment firm founded by Mark Kingdon in 1983. The firm is a
registered investment advisor regulated by the U.S. Securities and
Exchange Commission and has approximately $2 billion of assets
under management.
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version on businesswire.com: http://www.businesswire.com/news/home/20170103005259/en/
KCSA Strategic CommunicationsKate Tumino,
212-896-1252ktumino@kcsa.com
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