Eton Pharmaceuticals, a US-based injectable drug development spinout of pharmaceutical company Imprimis Pharmaceuticals, raised $20m from undisclosed investors on Tuesday through a private placement.
Imprimis formed Eton to develop two injectable drug candidates, an adrenocorticotropic hormone (ACTH) analogue, and an injectable pentoxifylline formulation that will be used to treat Peyronie’s disease.
The participants in the financing were accredited investors, some of which are from the healthcare industry and some of which are from the boards of Eton and Imprimis. The capital will be used to develop Eton’s product candidates.
National Securities Corporation, a subsidiary of National Holdings, was placement agent for the financing, while Liquid Venture Partners, part of National Securities Corporation, sourced and executed the financing.