Collegium closes on $20M equity financing round

CUMBERLAND – Collegium Pharmaceutical Inc. said last week that it has closed a $20 million Series D equity financing round led by Frazier Healthcare Ventures and also including previous investors Boston Millennia Partners and Westfield Capital Management.
The company said the proceeds will be used primarily to continue developing its lead DETERx product candidate, COL-003, a tamper-resistant, sustained-release formulation of the opioid analgesic oxycodone. Collegium has an active investigational new drug application on file for COL-003 with the U.S. Food and Drug Administration and intends to file a new drug application, and it has received fast-track designation from the FDA.
Collegium said it has successfully completed a proof of concept clinical trial and has done extensive lab testing of the product’s tamper-resistant properties.
Money from the D round will also support the development and commercialization of other topical products for the treatment of skin and skin-related disorders, many of them using Collegium’s proprietary DELEVO foam technology and marketed through the company’s wholly owned subsidiary, Onset Therapeutics LLC.
Upon closing this round, Frazier’s general partner, Patrick Heron, has joined the Collegium board. In a news release, he said the company “possesses a strong management team and a very compelling product portfolio.”
“The team’s successes in advancing its DETERx product as well as having developed and commercialized a topical product portfolio through Onset make this an exciting time for the company, and I look forward to working with the Collegium team to continue the momentum they have created,” he added.
In addition to this financing, the company said it will also be exploring the sale or out-licensing of its respiratory product portfolio, which includes AllerNase nasal spray; an oral anti-histamine combination (COL-118), and a liquid sustained-released cough medicine.
Collegium Pharmaceutical is a specialty pharmaceutical company focused on the development of proprietary, late-stage pharmaceutical products, targeting market opportunities through formulation-based product improvements. For more information, go to www.collegiumpharma.com.