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Melt Pharmaceuticals Inks $24M Series B

2024-04-02
NASHVILLE, TN, Melt Pharmaceuticals today announced the completion of its Series B Preferred Stock financing of approximately $24 million.
Melt Pharmaceuticals, a clinical'stage pharmaceutical company developing novel approaches for procedural sedation, today announced the completion of its Series B Preferred Stock financing of approximately $24 million from new and existing investors at a pre'money valuation that increased nearly 150% from the pre-money valuation for Melt's Series A Preferred Stock financing in 2019. The capital raised will primarily support the further development of MELT-300, including the MELT-300 Phase 3 program. MELT-300, a non-IV, non'opioid tablet that combines fixed doses of midazolam (3mg) and ketamine (50mg), is administered sublingually using Catalent Inc.'s proprietary fast'dissolving Zydis¨ delivery technology to rapidly dissolve the tablet for absorption across the very thin sublingual mucosa. The MELT-300 Phase 3 program commenced in the first quarter of 2024, with first patient dosing expected in the second quarter of 2024 and a topline readout expected in the fourth quarter of 2024.

Melt Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing proprietary non-opioid, non-IV, sedation, and analgesia therapeutics for human medical procedures in the hospital, outpatient, and in-office settings. Melt intends to seek regulatory approval through the FDA's 505(b)(2) regulatory pathway for its proprietary, patented small-molecule product candidates, where possible. Melt's core intellectual property is the subject of multiple granted patents in North America, Europe, Asia, and the Middle East.
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