BRIEF—Satsuma Pharmaceuticals raises $62 million

California-based Satsuma Pharmaceuticals, which is developing STS101 (dihydroergotamine [DHE] nasal powder) for the acute treatment of migraine, today announced a $62 million Series B preferred stock financing.

The financing was led by Wellington Management Company, with participation by existing investors RA Capital Management, TPG Biotech and Shin Nippon Biomedical Laboratories, and new investors, Osage University Partners, CAM Capital, Surveyor, Eventide Asset Management, Cormorant, Lumira Ventures, and SBI Investment.

Financing proceeds will support Phase III development of STS101.

In consultation with the Food and Drug Administration, Satsuma has established key elements of its Phase III development program, including the design of the Phase III efficacy study, to support a New Drug Application (NDA) for STS101 for the acute treatment of migraine.

Satsuma plans to initiate its randomized, double-blind, placebo-controlled Phase III clinical trial of STS101 in the third quarter of 2019.

John Kollins, president and chief executive of Satsuma, commented: "As we advance STS101 into Phase III development, we are privileged to have strong support from top-tier healthcare investors who share our vision of creating a best-in-class DHE therapeutic product with differentiated and demonstrated clinical benefits that address the unmet needs of many people with migraine."