A pharmaceutical company in Raleigh is adding to a recent multimillion-dollar raise as investors bet on its EpiPen alternative.
Bryn Pharma has pulled in an additional $11.7 million just weeks after filing paperwork showing a $15 million raise with the U.S. Securities and Exchange Commission. The company is developing an epinephrine nasal spray, called Utuly, as a needle-free alternative to existing treatments for anaphylaxis such as EpiPen and other generic epinephrine auto-injectors.
Since making its first sale connected to the raise on April 25, Bryan has landed about $26.7 million in equity from 105 investors, according to a filing with the SEC. And the company could raise more as the filing lists a total offering amount of $30 million.
The fundraising comes as Bryn prepares to transition from a development-stage company to one with a commercial product – pending the approval of Utuly by the U.S. Food and Drug Administration. Bryn earlier this year announced positive results from a pivotal clinical trial comparing Utuly to epinephrine auto-injectors, the current outpatient standard of care for anaphylaxis.
Results from the study show the company's product works as well or better than these products, CEO Sandy Loreaux previously told Triangle Business Journal. The company believes its needle-free alternative has the upside of being more convenient for patients who either don't carry their EpiPens with them or don't want to inject themselves.
Loreaux joined the company in March to lead it through the transition into a commercial-stage company. Following this appointment, Bryn named James Borneman, formerly with Sanofi, as the company's chief operating officer. And in early May, Bryn added three executives with the appointments of Nurry Hong, chief strategy and business development officer; Lisa Lucifero, vice president and head of human resources; and Chief Financial Officer Steve Killmeyer.
Prior to this recent financing activity, Bryan filed paperwork with the SEC showing it had raised about $43.5 million from July 2021 through October of last year.
