Dallas/Fort Worth-based Neos Therapeutics, Inc. was in the news back in early January, when the company announced that it had secured an impressive $8 million in new financing, which joined $12.5 million that had been raised in July of 2012. Today, Neos announced yet another substantial influx of cash.
According to a new press release from the company, Neos has successfully completed an oversubscribed round of private financing, which totals $15.5 million in new funds for the oral drug delivery company. Neos’ previous funding round featured a dozen or so different investors. This time, the company was once again able to raise money from an impressive list of influential investors in their late-stage pipeline of innovative controlled release (CR) products for ADHD, including Burrill Life Sciences Capital Fund III, CAC LLC, CMEA Capital, Crabtree Partners and Delaware Street Capital.
Neos appears ready to use its new funding for significant market growth, after having successfully launched commercialization efforts of its generic form of Tussionex®, which is an effective cough cold product developed utilizing Neos’ extended release technology and currently being manufactured by the company itself. The funding will also be earmarked for putting the necessary resources behind an effort to gain “FDA approval of its existing product pipeline, and create an opportunity to expand the use of the proprietary controlled release technologies to develop additional CR orally disintegrating tablet and CR liquid products,” according to the press release.
“We are very pleased that Neos’ progress has allowed us to attract strong support from our investors,” stated Vipin K. Garg, Ph.D., Chief Executive Officer of Neos. “This places the Company in an excellent financial position to execute our strategy of bringing novel products based on the Neos proprietary technologies to market. These technologies are currently being utilized to develop three ADHD products, which will advance significantly in the next 12-15 months.”
Neos’ demonstration that it can raise capital, develop novel products for the medical industry, and effectively commercialize them continues to reveal the viability of Texas biotech companies that have what it takes to grow and prosper in the world marketplace.