Satsuma Pharmaceuticals has raised $62 million in a Series B preferred stock financing, led by Wellington Management.
Other investors included RA Capital Management, TPG Biotech and Shin Nippon Biomedical. Osage University Partners, CAM Capital, Surveyor, Eventide Asset Management, Cormorant, Lumira Ventures and SBI Investment were new investors. Satsuma is working on a nasal powder version of dihydroergotamine for migraine.
All of the financed money will support the company’s Phase 3 development of STS101. Satsuma Pharmaceuticals has also established key elements of its Phase 3 development program with consultation from the FDA. Part of the program includes the design of a Phase 3 efficacy study, which will help support a New Drug Application (DA) for STS101 for acute treatment of migraines.
Satsuma Pharmaceuticals plans to start a randomized, double-blind, placebo-controlled Phase 3 clinical trial of STS101 during the third quarter of this year.
“As we advance STS101 into Phase 3 development, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class DHE therapeutic product with differentiated and demonstrated clinical benefits that address the unmet needs of many people with migraine,” John Collins, president and CEO of Satsuma Pharmaceuticals, said in a press release.