By Lisa Kerner
Erie, Pa., March 2 - SoLapharm, Inc. said it completed an extension of its series C round of financing. The company raised $4 million in the sale of common stock at $5.75 per share.
The first part of the series C round closed in June 2005, raising $5.9 million, according to a company news release.
Both parts of the current round, and the prior A and B rounds, were oversubscribed.
SoLapharm has self-underwritten all of its offerings, raising about $16 million since 2003.
SoLapharm is developing novel Accu-Break pharmaceutical tablets, which the company believes may provide a solution to imprecise and/or difficult tablet splitting. The tablets are made to be broken into accurate divided doses or may be administered intact.
"Successful development of a family of Accu-Break-enabled products could lead to their becoming a preferred dosage form for the many medications that undergo dosage adjustment," chairman and chief executive officer Lawrence Solomon said in the release.
"Some of the types of drugs that often undergo dosage adjustment include treatments for high blood pressure, high cholesterol, diabetes, anxiety, depression and pain."
SoLapharm is a privately held pharmaceutical company located in Plantation, Fla.
| Issuer: | SoLapharm, Inc.
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| Issue: | Common stock, series C
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| Amount: | $4 million
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| Price: | $5.75
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| Announcement date: | March 2
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