A drugmaker specializing in extended release, abuse-resistant drug delivery for opioids has raised more than $14 million in series B financing to advance its lead products through clinical trials. It has also hired a pharmaceutical veteran as its CEO.
Bob Radie has joined Malvern, Pennsylvania-based Egalet as president and CEO. Radie has nearly 30 years of experience in the pharmaceutical and biotechnology industries, and previously worked as CEO of Topaz Pharmaceuticals, acquired by Sanofi Pasteur last year. He also served as CEO of TransMolecular Inc., a biotechnology company focused on novel cancer diagnostic and treatment products, later acquired by Morphotek. He has also worked for Eli Lilly, according to a company statement.
The company relied on existing investors for the financing round, including Atlas Venture, Omega Funds, Sunstone Capital and Index Ventures.
Egalet’s erosion technology means the drug is gradually absorbed and is part of an effort by some drugmakers to address the costly problem of prescription drug abuse.
