RALEIGH – Sprout Pharmaceuticals, makers of the “little pink pill” Addyi – also known as the “female viagra,” has raised $15.9 million in equity from 110 investors, according to a recent SEC filing.
The notice didn’t disclose how the firm plans to use the funds, and its co-founder and CEO Cindy Eckert was unavailable for comment.
The round is capped at $20 million, with $4.1 million remaining to be sold.
The fundraise comes after a rocky few years for the company.
Back in 2015, Eckert and investors sold the business to Valeant Pharmaceuticals for $1 billion, only to buy it back two years later when the Canadian venture dumped the investment.
That wasn’t the only hitch.
Concerns arose about its reaction with alcohol after the FDA warning against mixing the two. Meanwhile, Health care providers faced certification hurdles trying to prescribe it.
The company subsequently released three studies affirming its safety with alcohol, and relaunched the pill at half the original price — $400, down from $880 previously.
It also raised $4.5 million from 203 investors in early 2018.
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