Sprout Pharmaceuticals is wasting no time in preparing for possible launch of its proposed drug for the treatment of female sexual desire disorder.
The Raleigh-based firm has raised $50 million from investors in New York and Connecticut to help it gear up for possible launch of what has been labeled as a “female Viagra” drug.
The raising of venture capital in the form of equity financing was disclosed in a filing with the Securities Exchange Commission.
Sprout actually began raising the funds on May 22, well before a crucial regulatory meeting. Sprout has raised several rounds of financing dating back to 2012, totaling now some $100 million.
Just a week ago, a Food and Drug Administration advisory committee recommended the approval of Sprout’s flibanserin drug. The FDA had already rejected the drug twice before, including one previous effort by Sprout which had acquired the rights to the “little pink pill,” as it is called.
The FDA panel voted 18-6 in favor of the daily pill, to be named Addyi, on the condition that the drugmaker develops a plan to limit its risks.
Sprout CEO Cindy Whitehead hailed the decision.
“We are pleased with the positive outcome of today’s Advisory Committee meeting and the confidence that was expressed regarding the efficacy and safety of ADDYI,” she said in a statement provided to WRAL.
“With today’s decision, we are one step closer to bringing to market the first treatment option for the most common form of female sexual dysfunction. We look forward to continuing our work with the FDA as it completes its review of our new drug application, including the discussion of a Risks Evaluation and Mitigation Strategy (REMS).”
