Satsuma Pharmaceuticals said that it has raised $62 million in Series B financing that will be used for Phase 3 development of its STS101 intranasal dry powder dihydroergotamine (DHE) for the treatment of migraines. Satsuma was spun off from SNBL in 2017 specifically to develop STS101 and at the time raised $12 million in Series A financing.
Earlier this year, the company announced plans for the Phase 3 study along with encouraging results from a Phase 1 study. According to Satsuma, the company is still on track to initiate the randomized, double-blind, placebo-controlled Phase 3 study in the third quarter of 2019.
Satsuma President and CEO John Kollins said, “As we advance STS101 into Phase 3 development, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class DHE therapeutic product with differentiated and demonstrated clinical benefits that address the unmet needs of many people with migraine.”
Read the Satsuma Pharmaceuticals press release.
