Gemphire Therapeutics Lands $30,000,000 New Financing
Feed Type
Link http://www.venturedeal.com/Search/SearchResultTransactionDetail.aspx?TransactionId=daacb9f1-31bf-4c11-b2d0-8a5e59b0f26d
Date 8/5/2016
Company Name Gemphire Therapeutics
Mailing Address 43334 Seven Mile Road Northville, MI 48167 USA
Company Description Gemphire Therapeutics (NASDAQ: GEMP) mission is to develop novel drugs, such as gemcabene, to treat the large, growing unmet need of dyslipidemia patients who are unable to reach optimal LDL cholesterol or triglyceride levels with statin or other therapies.
Proceeds Purposes We anticipate that we will use the net proceeds of this offering, together with our cash and cash equivalents, for the following purposes: approximately $20.0 million to fund development costs associated with our three late stage clinical trials of gemcabene for our target indications and for costs associated with our planned End of Phase 2 (EOP2) meetings with the FDA; approximately $4.0 million to fund manufacturing-related activities for gemcabene; approximately $3.5 million to fund development costs associated with preclinical studies and related activities for gemcabene; and the balance for general corporate purposes, including working capital, general administrative costs, potential acquisition or in-licensing costs and the prosecution and maintenance of our intellectual property.We may also use a portion of the remaining net proceeds to advance the development of any acquired or in-licensed product candidate.