Full Press Release Details
Pharmaceuticals, Inc.
Pharmaceuticals Closes $4 Million Financing
Will Support Phase 3 Lead Clinical Pain Program for
CA - May 15, 2008 -- Transdel Pharmaceuticals, Inc. (OTC BB:TDLP), a specialty
pharmaceutical company focused on the development and commercialization of
non-invasive topically administered medications, today announced the closing
a $4,000,000 private placement of its common stock and warrants.
Company issued 1,818,180 shares of common stock at a price of $2.20 per share
through a private placement to accredited investors. In addition, the investors
received warrants to purchase 227,272 shares of common stock for a period of
five years at a cash and cashless exercise price of $4.40 and $5.50 per share,
from the financing will be primarily used to fund the Company's Phase 3 clinical
program of Ketotransdel(TM), the Company's lead topical pain
novel, topical cream-based formulation containing the non-steroidal
anti-inflammatory drug ("NSAID") ketoprofen. The registration trial will be a
randomized, double-blind, placebo controlled Phase 3 trial to study the efficacy
and safety of Ketotransdel(TM)
soft tissue injuries.
Juliet Singh, President and Chief Executive Officer of Transdel Pharmaceuticals,
stated, "We are very pleased to have closed this round of financing, as we
to initiate our Phase 3 clinical study in the second quarter of this year.
are quite confident in our Phase 3 clinical study design, especially since
protocol was carefully reviewed by external experts and the U.S. Food and Drug
Administration ("FDA"). We believe that Ketotransdel(TM) may
address a significant unmet medical need for effective topical pain treatment
without the gastrointestinal, cardiovascular and other safety concerns
associated with oral pain medications."
Company is exploring potential partnerships with U.S. and foreign based
companies that have sales and marketing infrastructures to support
Ketotransdel(TM) in the event that the product is approved and
commercialized. The Company is also looking to out-license its
Transdel(TM) drug delivery technology for the development and
commercialization of additional innovative drug products. There can be no
assurance that any of these activities will lead to definitive
market for NSAIDs and Cox-2 inhibitors exceeds $6 billion per year and more
30 million people worldwide use NSAIDs daily. Due to the recognition of
cardiovascular, gastrointestinal and other risks associated with orally
administered NSAIDs, and the decline in the use of Cox-2 inhibitors because
safety concerns, the Company believes that there is a significant demand for
topical pain management products such as Ketotransdel(TM).
approved by the FDA, Ketotransdel(TM)
has the potential to
first topical NSAID cream product in the United States for acute pain
Transdel Pharmaceuticals, Inc.
Pharmaceuticals, Inc. (OTCBB: TDLP) is a specialty pharmaceutical company
focused on the development and commercialization of non-invasive topically
delivered medications. The Company's innovative patented proprietary
Transdel(TM) cream formulation technology is designed to facilitate
the effective penetration of drugs through the tough skin barrier to reach
target underlying tissues. In the case of Ketotransdel(TM), the
Transdel(TM) cream allows the active ingredient ketoprofen to reach
the target soft tissue and exert its well-known localized anti-inflammatory
analgesic effects. The Company is also investigating other drug candidates
treatments for transdermal delivery using the patented Transdel(TM)
platform technology for products in pain management and other therapeutic areas.
made in this release that are not historical in nature constitute
forward-looking statements within the meaning of the Safe Harbor Provisions
the Private Securities Litigation Reform Act of 1995. Forward-looking statements
can be identified by the use of words such as "expects," plans" "will," "may,"
"anticipates," believes," "should," intends," "estimates," and other words of
similar meaning. These statements are subject to risks and uncertainties that
cannot be predicted or quantified and consequently, actual results may differ
materially from those expressed or implied by such forward-looking statements.
Such risks and uncertainties include, without limitation, risks and
uncertainties associated with the uncertainty of future financial results,
additional financing requirements, development of new products, government
approval processes, the impact of competitive products or pricing, and
technological changes. More detailed information about the Company and the
factors that may affect the realization of forward-looking statements is set
forth in the Company's filings with the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-KSB filed with the SEC on March
26, 2008. Such documents may be read free of charge on the SEC's web site at
forward-looking statements included in this release are made as of the date
this press release, and the Company assumes no obligation to update any such
forward-looking statements.