In a filing with the Securities and Exchange Commission (SEC), Bryn Pharma — a privately held pharmaceutical company based in Raleigh, NC — disclosed it had raised $15 million of a $20 million offering to date, drawing 82 investors.
The company is focused on the development and commercialization of UTULY, a needle-free alternative to epinephrine auto-injectors used to treat anaphylaxis. Anaphylaxis is a serious, life-threatening reaction to a food, drug, insect venom, or environmental substance. Epinephrine is the only drug that can halt and reverse the progression of anaphylaxis.
Epinephrine is most effective when administered early during an anaphylactic reaction, but fear of the needle employed by traditional auto-injectors can result in delays that lead to poorer outcomes. UTULY administers epinephrine via nasal spray, avoiding the needle and hopefully leading to earlier administration in some.
According to the SEC, Bryn has raised over $100 million to date.
Last March, the company announced Sandy Loreaux as the new CEO taking the reigns from Dr David Dworaczyk who remains as senior advisor and head of R&D. Bryn also recently named James Borneman as Chief Operating Officer responsible for day-to-day operations in preparation for FDA approval and commercial launch of UTULY.
- Fighting anaphylaxis without needles: Raleigh pharma startup raises $15M — WRAL Tech Wire
- Form D — US SEC
- Raleigh-based Bryn Pharma brings on new CEO to help launch EpiPen alternative — WRAL Tech Wire