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UroGen to raise $120M to support sustained release hydrogel delivery platform

July 28, 2023 By Sean Whooley

UroGen PharmaUroGen Pharma (Nasdaq:URGN) announced that it entered into a securities purchase agreement worth approximately $120 million.

The placement includes the issuance of nearly 12.6 million ordinary shares or pre-funded warrants priced at $9.54 per share. UroGen expects the placement to close on or about today, subject to customary closing conditions.

RA Capital Management and Great Point Partners led the private placement. It also included Acorn Bioventures, Monograph Capital and Horton Capital Partners.

Princeton, New Jersey-based UroGen plans to use proceeds for non-clinical and clinical development activities for its product candidates. It also intends to put funds toward commercialization expenses and general corporate purposes.

UroGen develops solutions for treating urothelial and specialty cancers. Its RTGel reverse-thermal hydrogel, a sustained-release, hydrogel-based platform technology, could improve the therapeutic profiles of existing drugs. The sustained-release technology enables longer exposure of the urinary tract tissue to medications for local therapy.

Additional UroGen offerings, Jelmyto and the investigational UGN-102, offer tumor ablation by non-surgical means.

Filed Under: Business/Financial News, Drug-Device Combinations, Funding Roundup, Hydrogels, Oncology, Pharmaceuticals

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About Sean Whooley

Sean Whooley is an associate editor who mainly produces work for MassDevice, Medical Design & Outsourcing and Drug Delivery Business News. He received a bachelor's degree in multiplatform journalism from the University of Maryland, College Park. You can connect with him on LinkedIn or email him at swhooley@wtwhmedia.com.

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