US-based migraine therapy developer Satsuma Pharmaceuticals has spun out from contract pharmaceutical research services provider Shin Nippon Biomedical Laboratories (SNBL) with $12m in series A financing.
RA Capital Management and TPG Biotech co-led the round, and RA Capital managing director Rajeev Shah and TPG Biotech managing director Heath Lukatch are joining Satsuma’s board of directors.
Satsuma will direct the series A capital to the development of its lead product candidate, STS101, which combines existing anti-migraine drug dihydroergotamine with Japan-based SNBL’s dry-powder nasal formulation and delivery technologies.
John Kollins, Satsuma Pharmaceuticals’ co-founder, president and CEO, said: “We look forward to building upon the strong technology foundation established by our colleagues at SNBL over the past 15 years, expeditiously advancing development of STS101, and making STS101 available to migraine sufferers.”