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CRG Provides $85MM Credit Facility to Endoceutics

January 12, 2017, 07:15 AM
Filed Under: Pharmaceuticals

Endoceutics, Inc., a private Quebec City based biopharma company, announced that it has entered into a long-term $85 million senior credit facility with CRG LP, a healthcare-focused investment firm. The proceeds will support the commercial launch of its FDA-approved product, Intrarosa™, and fund additional research and development in its women's health and oncology focused pipeline.

On November 16, 2016, Intrarosa™ received FDA approval to treat women experiencing moderate to severe pain during sexual intercourse (dyspareunia), a symptom of vulvar and vaginal atrophy (VVA)/Genitourinary Syndrome of Menopause (GSM) due to menopause. Intrarosa™ is the first FDA product containing the active ingredient prasterone, which is also known as dehydroepiandrosterone (DHEA). Intrarosa™ is a non-estrogen solution. The available Estrogen replacement therapies have come under scrutiny based on the Women's Health Initiative with increased evidence of potentially significant side effects.

Endoceutics estimates that 32 million women suffer from vulvar and vaginal atrophy but only approximately one million are treated through prescription products since many of these patients fear the side effects of estrogen. Endoceutics is engaged in active discussions with pharma companies to sell Intrarosa™ in the U.S., Europe, Canada and the rest of the world.

"We are very pleased to partner with CRG due to their flexible financing structure and true healthcare investing expertise," said Dr. Fernand Labrie, Founder and Chairman of Endoceutics. "The financing will assist us in supporting growth of the Intrarosa™ product that provides a safe, effective and superior alternative to existing estrogen-based therapies for patients with Genitourinary Syndrome of Menopause."

"We believe that Dr. Labrie and the Endoceutics team have developed a ground-breaking and safe alternative for patients experiencing symptoms of menopause," said Luke Duster, Managing Director at CRG. "Intrarosa™ is the first product to receive a FDA approval for this indication without a black box warning associated with estrogen-based risks. This financing will help the company launch the product in conjunction with a reputable partner and further invest in its robust clinical-stage pipeline for additional indications associated with menopause and oncology."

EVOLUTION Life Science Partners LLC, acted as advisor to Endoceutics.

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