Vensun Pharmaceuticals said Thursday that it has closed $15.8 million in Series B financing. JW Asset Management led the round. Based in Yardley, Penn., Vensus is a generic pharmaceutical company.
YARDLEY, Pa.–(BUSINESS WIRE)–Vensun Pharmaceuticals, Inc., a private generic pharmaceutical company, announced today the completion of a $15.8 million Series B preferred financing. The raise was led by JW Asset Management, LLC, also the lead investor in Vensun’s 2012 Series A financing. Additional investors in the financing included entities affiliated with Dr. Allen Chao, the co-founder of Watson Pharmaceuticals, Inc., now Actavis plc (NYSE: ACT), a specialty pharmaceutical company.
“We are impressed with the business model and pleased to lead the Series B financing. The team at Vensun has demonstrated significant expertise in developing complex generic products as they work towards their goal of becoming a leading generic pharmaceutical company.”
Mr. Hem Pandya, President and CEO of Vensun commented, “We are pleased with the confidence and commitment to Vensun demonstrated by our Series B investors. This financing will provide us with the ability to increase the number of products under development and explore additional in-license opportunities. With over 40 products in our pipeline, including multiple ANDAs on file with the FDA, we expect several approvals in 2014.”
Jason Wild, President and Chief Investment Officer of JW Asset Management and Director of Vensun added, “We are impressed with the business model and pleased to lead the Series B financing. The team at Vensun has demonstrated significant expertise in developing complex generic products as they work towards their goal of becoming a leading generic pharmaceutical company.”
About Vensun Pharmaceuticals, Inc.
Vensun Pharmaceuticals, Inc., based in Yardley, Pennsylvania, is a generic pharmaceutical company, established in July 2011. The company is developing a unique portfolio of complex generic prescription products in various dosage forms covering a broad range of therapeutic categories. Vensun is co-developing their products with a number of strategic partners in the US and overseas. The company has over 40 products in active development with multiple strategic partners and expects to launch several generic products in 2014.
For more information regarding Vensun Pharmaceuticals, Inc., please visit www.vensunrx.com.
JW Asset Management, LLC
JW Asset Management, a New York based registered investment adviser, is active in both public and private equity markets. Jason Wild, a registered pharmacist, is the firm’s Founder and Chief Investment Officer. JW Asset Management was founded in 2003 and has a strong history of finding opportunities within the specialty pharmaceutical sector.