AUBURN, Ala.--(BUSINESS WIRE)--Vitruvias Therapeutics Inc., a private generic pharmaceutical company with a focus on sterile injectables, announced today the completion of a $11.5 million Series A preferred financing. The investment was led by JW Asset Management LLC, and Perceptive Advisors.
The Company is also pleased to announce that Jason Wild of JW Asset Management, Michael Altman of Perceptive Advisors and Ed Schutter, CEO of Arbor Pharmaceuticals, Inc., will be appointed to the Company's Board of Directors.
Carl Whatley, President of Vitruvias commented, “having the financial strength and industry knowledge of both JW Asset Management and Perceptive Advisors is a significant event for our company. We are excited that these informed investors recognized the potential for Vitruvias, and appreciate the confidence they have expressed in the management team.” In addition to Mr. Whatley, Vitruvias is led by Bryce Harvey and Roger Graben, PhD. This team previously founded and built both ProEthic Pharmaceuticals and Midlothian Laboratories, which were eventually acquired by the Kowa Company Ltd., and Mayne Pharmaceuticals, respectively.
Jason Wild, President and Chief Investment Officer of JW Asset Management added, “We are impressed with what the entrepreneurial team at Vitruvias has accomplished thus far, and look forward to being part of their future success. We have known both Carl and Bryce since their early days at ProEthic and Midlothian, and are excited to have an opportunity to work with them and their team.”
Vitruvias Therapeutics will primarily use this investment to complete multiple projects already under development. The company recently received approval for its first ANDA product which it expects to launch in early 2018. The company also has several other ANDAs, either filed with the FDA, or in various stages of development.
About Vitruvias Therapeutics Inc.
Vitruvias is a generic pharmaceutical company which utilizes domestic
and international partnerships to develop, manufacture, and market
technically difficult generic products. Founded in 2013, the company’s
primarily focus is on products in the generic sterile injectable market.
The Company received its first approval in September 2017, and
anticipates additional approvals in 2018.
About JW Asset Management
JW Asset Management, founded in 1997 is a New York based fund manager for five investment partnerships. Jason Wild, a registered pharmacist and Chairman of Arbor Pharmaceuticals, is the firm's founder and chief investment officer. JW Asset Management has a strong history of finding opportunities within the global healthcare sector, actively investing in both the public and private equity markets.
About Perceptive Advisors
Founded in 1999 and based in New York, NY, Perceptive Advisors is an investment management firm focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare. For more information about Perceptive, visit www.perceptivelife.com.
THIS PRESS RELEASE DOES NOT CONSTITUTE AN OFFER TO SELL OR THE SOLICITATION OF AN OFFER TO BUY ANY SECURITY, NOR SHALL THERE BE ANY SALE, ISSUANCE OR TRANSFER OF SECURITIES OF VITRUVIAS THERAPEUTICS, INC., IN ANY STATE IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL PRIOR TO REGISTRATION OR QUALIFICATION UNDER THE SECURITIES LAWS OF ANY SUCH STATE.