Napo Pharmaceuticals, Inc. (“Napo”), announced today that it has obtained $2 million in secured convertible debt financing from New York-based Kingdon Capital Management, LLC. Proceeds from the financing will primarily be used by Napo for the commercialization of Mytesi™.
Mytesi™ (crofelemer) is the only antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Napo introduced Mytesi™ in the U.S. this past October.
“We’re pleased to have additional funds to build inventory and achieve greater awareness of Mytesi™ among people living with HIV/AIDS,” commented Katie MacFarlane, Senior Vice President of Commercial Development at Napo. “Surveys indicate that 1 in 5 people living with HIV experience diarrhea, and there is a growing demographic of those who have lived with HIV for more than a decade—a population that may be more at risk for experiencing diarrhea.”
As previously announced, Napo has signed a non-binding letter of intent (“LOI”) with Jaguar Animal Health, Inc. (NASDAQ: JAGX) (“Jaguar”) potentially to merge the two companies. Napo has provided Jaguar with exclusive worldwide rights for veterinary applications to crofelemer and corresponding rights to all related Napo technology.
Mytesi™ (crofelemer) is an antidiarrheal indicated for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy (ART). Mytesi™ is not indicated for the treatment of infectious diarrhea. Rule out infectious etiologies of diarrhea before starting Mytesi™. If infectious etiologies are not considered, there is a risk that patients with infectious etiologies will not receive the appropriate therapy and their disease may worsen. In clinical studies, the most common adverse reactions occurring at a rate greater than placebo were upper respiratory tract infection (5.7%), bronchitis (3.9%), cough (3.5%), flatulence (3.1%), and increased bilirubin (3.1%).More information and complete Prescribing Information are available at Mytesi.com.
About Napo Pharmaceuticals, Inc.
San Francisco-based Napo Pharmaceuticals, Inc., focuses on the development and commercialization of proprietary pharmaceuticals from rainforest resources for the global marketplace in collaboration with local partners.
About Kingdon Capital Management, LLC
Kingdon Capital Management, LLC is a New York-based alternative investment firm founded by Mark Kingdon in 1983. The firm is a registered investment advisor regulated by the U.S. Securities and Exchange Commission and has approximately $2 billion of assets under management.
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