OptiNose said today that it closed a $37 million Series D round led by Fidelity Management and Research Company. Avista Capital Partners, Entrepreneurs Fund and other current investors also contributed to the round.
The Yardley, Penn.-based company said it plans to use the newly-acquired funds to support commercial development of its lead product candidate, OPN-375, in the U.S.
OptiNose’s 1st commercial product is based on its Breath Powered platform, which the company said it uses to develop new systems capable of deep intranasal deposition of medication. The company’s lead candidate, OPN-375, is a delivery device with fluticasone propionate and is being designed to treat nasal diseases with chronic inflammation deep in the nose, including nasal polyposis and chronic sinusitis.
“We are building a company dedicated to meeting the needs of patients treated by ENT/allergy specialists and using our patented technology and other approaches to create innovative products that improve clinical outcomes and make lives better,” CEO Peter Miller said in prepared remarks. “Chronic rhinosinusitis with or without nasal polyps, our current focus, is a large market worldwide. Data suggest there is tremendous dissatisfaction with the current medical treatment options.”
“This is a serious disease, and it causes a high degree of suffering for millions of people in the U.S. alone. OPN-375 could fill an important role in the care pathway for the many patients who do not get satisfactory relief with current treatments,” president & COO Ramy Mahmoud added. “We have an excellent team that is eager to make this product available to patients, and this latest round of funding will put us in a position to make the investments needed to ensure that, if approved, we are ready for launch in the 1st half of 2018.”
OptiNose said it submitted a new drug application to the FDA in November last year and the regulatory watchdog is slated to finish its review in September.