Melt Pharmaceuticals closes $24 million in Series B financing
Click Here to Manage Email Alerts
Key takeaways:
- Melt Pharmaceuticals secured $24 million in financing.
- The funds will help advance the development of MELT-300 for procedural sedation.
Melt Pharmaceuticals secured $24 million in Series B preferred stock financing from new and existing investors, according to a press release.
The funds will be used to advance the development of MELT-300, a non-IV, nonopioid tablet for procedural sedation. The tablet, which is delivered sublingually, combines fixed doses of midazolam 3 mg and ketamine 50 mg.
The first patient is expected to be dosed with the tablet in a phase 3 program in the second quarter, with a topline readout expected in the fourth quarter.
As Healio previously reported, MELT-300 achieved its primary sedation endpoint in a pivotal phase 2 efficacy and safety study.
“Melt is seeking to drive a paradigm shift in procedural sedation, fulfilling an unmet need to provide a needle- and opioid-free alternative for procedural sedation, especially in cataract surgeries, which are estimated at over 4.5 million procedures in the U.S.,” Larry Dillaha, MD, CEO of Melt, said in the release. “As we continue to develop our patented technologies, we believe we can also impact the more than 100 million short-duration medical procedures nationwide. If approved, we expect MELT-300 will enhance the patient’s experience in all sites of care by offering greater comfort without a needle stick and by reducing exposure to opioids.”
Read more about
Click Here to Manage Email Alerts