Scilex Pharmaceuticals Announces Completion of Approximately $5,000,000 Private Placement
Funds to be used for the clinical development of the Company’s first product Ztilido(TM) (lidocaine patch 1.8%)
MALVERN, Pa., March 21, 2014 /PRNewswire/ — Scilex Pharmaceuticals, Inc., a company engaged in the development and commercialization of products focused on the treatment of pain, today announced that it has entered into definitive agreements for a private placement of common stock and warrants. The gross proceeds of the placement are expected to be approximately $5,000,000, before deducting placement agent fees and expenses and other offering expenses. Net proceeds from the placement are to be used for working capital and general corporate purposes, including the clinical development of the Company’s first product Ztilido(TM) (lidocaine patch 1.8%).
Aegis Capital Corp., acted as the exclusive placement agent for the offering.
Scilex’s first product, Ztilido(TM), is a next-generation branded lidocaine patch formulation for the potential treatment of relieving the pain of post-herpetic neuralgia, also referred to as after-shingles pain. Ztilido aims to be in a position to capitalize on the approximately $1.25 billion market created by the patent expiration of Lidoderm® (lidocaine patch 5%) as a differentiated and best in class lidocaine transdermal preparation in this segment. The Company believes that Ztilido’s attributes will also allow it to compete effectively against generics of Lidoderm.
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.
About Scilex Pharmaceuticals
Scilex Pharmaceuticals, Inc., located in Malvern, PA, is an emerging specialty pharmaceutical company engaged in the development and commercialization of products for the treatment of pain. The Company’s vision is to become a world-class, global pharmaceutical company that delivers the next generation of innovative products. Leveraging its network of global relationships, the Company seeks to acquire high barrier-to-entry, late-stage products for development and commercialization. The Company’s first product, Ztilido(TM) (lidocaine patch 1.8%), is a next-generation branded lidocaine patch formulation for the potential treatment of relieving the pain of post-herpetic neuralgia, also referred to as after-shingles pain. The FDA Division of Anesthesia and Analgesia Products agreed to a 505(b)(2) regulatory pathway, to obtain market approval. The Company anticipates initiating the pivotal bridging clinical study in the second quarter of 2014 and the other standard dermal clinical safety studies shortly thereafter.
For more information visit www.scilexpharma.com.
Forward Looking Statements
Forward-looking statement — This press release may contain forward-looking statements regarding future events and the future performance of Scilex Pharmaceuticals that involve risks and uncertainties that could cause actual results to differ materially. These statements are based on management’s current beliefs and expectations. These statements include, but are not limited to, statements that relate to our business and its future, including Scilex’ ability to develop and commercialize products for the treatment of pain, that Ztilido will be in a position to capitalize on the approximately $1.25 billion market created by the patent expiration of Lidoderm as a differentiated and best in class lidocaine transdermal preparation in this segment, that Ztilido’s attributes will allow it to compete effectively even against potential generic Lidoderm, the timing of the initiation of clinical studies, and any statements that relate to the intent, belief, plans or expectations of Scilex or its management, or that are not a statement of historical fact. Risks that could cause actual results to differ include the possibility that Ztilido may not successfully bridge safety and efficacy to Lidoderm® through the planned bridging clinical study; successfully demonstrate suitable safety in the additional clinical studies; the possibility that our future application to the FDA may not receive approval in a timely manner or at all; and our dependence on third parties for clinical trials and manufacturing. We do not plan to update any such forward-looking statements and expressly disclaim any duty to update the information contained in this press release except as required by law.
ZTILIDO(TM) is a trademark owned by Scilex Pharmaceuticals, Inc. Any other trademarks are the property of their respective owners. A proprietary name review by FDA is planned.
© 2014 Scilex Pharmaceuticals, Inc. All Rights Reserved.
Chief Operating Officer
SOURCE Scilex Pharmaceuticals, Inc.