A specialty pharmaceutical company in Princeton, New Jersey has raised about $40 million of a target $49 million to help fund the development of its lipid-lowering drug, Epanova, according to a Form D filing with the U.S. Securities and Exchange Commission.
Omthera Pharmaceuticals has so far secured 10 investors for the financing round, which began in February 2011. The investment will help fund its phase 3 clinical trial, a spokesman for the company said, and will be used for working capital. The company is expecting topline data from the 12-week study to be available in April. It expects to submit a New Drug Application, or NDA, this year, according to its website.
Omthera Pharmaceuticals‘ drug, Epanova, is a prescription omega-3 free fatty acid for the treatment of patients with very high triglycerides.
Hypertriglyceridemia is a condition linked to increased risk of heart disease. It is one of a range of lipid disorders collectively referred to as dyslipidemia, according to a statement from the company.
More than 100 million people have dyslipidemia, and more than 27 million are diagnosed with hypertriglyceridemia, according to the statement.
The company’s drug is set to compete in the $1 billion lipid-lowering drug market, a market thus far dominated by Lovaza. Originally produced by Reliant Pharmaceuticals to reduce the levels of triglycerides in the blood, the U.S. Food and Drug Administration approved the drug in 2005. GlaxoSmithKline (NYSE:GSK) moved to acquire Reliant in 2007 for $1.65 billion, giving GSK U.S.-only rights for the drug.
Pronova Biopharma markets the drug in Europe and parts of Asia as Omacor. Takeda Pharmaceutical Co. has exclusive rights in Japan, according to press reports from the company’s website.