NGN Capital leads $32 Million PIPE in Javelin Pharmaceuticals

New York, November 3, 2005 - NGN Capital led a $32 million PIPE financing of Javelin Pharmaceuticals, Inc. (JVPH.OB), which included investment funds affiliated with Wexford Capital LLC and other high profile investors. Javelin has entered into definitive purchase agreements in a private placement of its common stock and warrants. Javelin is a specialty pharmaceutical company that applies innovative proprietary delivery technologies to develop new, improved formulations of existing drugs that target unmet and underserved medical needs in the growing pain management market.

Javelin has three products in late stage clinical development or in the regulatory filing process. Dyloject™ was submitted for European Marketing Authorization Application (MAA) in the United Kingdom. Dyloject™ will enable clinicians in both EU and US markets for the first time to inject diclofenac as a bolus, because its patented formulation overcomes diclofenac’s poor solubility. Dyloject™ is a non-selective COX inhibitor that fills the void created by the stumbling of COX-2 inhibitors in the acute and perioperative hospital pain management market.

“Combined with its PMI-150 (intranasal ketamine) and Rylomine™ (intranasal morphine), Javelin is building an exciting franchise in the moderate-to-severe and breakthrough pain markets,” commented Georg Nebgen, Managing General Partner of NGN Capital, who will hold an observer seat on Javelin’s Board of Directors.

PMI-150, Javelin’s novel proprietary intranasal ketamine, provided pain relief within several minutes in Phase II studies of moderate-to-severe post-operative pain, pain associated with orthopedic injuries, and acute-on-chronic pain, including cancer breakthrough pain. Importantly, patients receiving PMI-150 show little or no respiratory depression or hemodynamic disturbances. Given the outstanding efficacy and safety characteristics of ketamine, PMI-150 is ideally suited for trauma and breakthrough pain patients including pediatric patients, military casualties and emergency situations.

Rylomine™ is a novel intranasal formulation of morphine utilizing ChiSys™, a polymer enhancing drug absorption. The intranasal route is ideal for the rapid, non-invasive delivery of morphine, the gold standard analgesic for moderate-to-severe pain. Conventional oral formulations, i.e. tablets, do not provide rapid relief. Rylomine™ is in development in the US and Europe for the treatment of acute pain and breakthrough pain.

Javelin’s strong pipeline will be advanced by a seasoned management team.
Dan Carr, MD, Javelin’s CEO, is a leading pain authority. He is a Professor of Pain Research at Tufts-New England Medical Center, and adjunct Professor of Anesthesiology and Medicine at Tufts University School of Medicine. Dr. Carr has served as a special consultant to US Department of Health and Human Services, for which he drafted federal guidelines on acute and cancer pain. He formerly served as a Director of the American Pain Society and American Academy of Pain Medicine, and as a councilor of the International Association for the Study of Pain.

Curtis Wright IV, MD, MPH, joined Javelin as Vice President for Risk Management and Regulatory Affairs. Dr. Wright is a renowned authority on clinical risk assessment. He served at the FDA from 1989 to 1997, including as Director of the Division of Anesthetics, Analgesics, and Drug Abuse in its Center for Drug Evaluation and Research. Since leaving government service he has held senior positions with Adolor and Purdue Pharma.

About NGN Capital
NGN Capital is a global healthcare venture capital investment firm with offices in New York, NY, Heidelberg, Germany, and Greenwich, CT. NGN has investment capabilities across a broad spectrum of healthcare segments, including drug products, medical devices, and healthcare services, with an emphasis on later-stage opportunities.

More information on NGN can be found at www.ngncapital.com
Contact: John R. Costantino
+1 212-972-0077
jcostantino@ngncapital.com

Additional Portfolio Company Articles:

Print Version