Philadelphia Business Journal | John George | October 24, 2012
NuPathe Inc. completed its previously disclosed $28 million equity financing and announced a restructuring of its board of directors.
The Conshohocken, Pa., specialty pharmaceutical company sold its securities as units, priced at $2 each, with each unit consisting of 1/1,000th of a share of a newly designated Series A preferred stock and a warrant to purchase one share of the company’s common stock.
NuPathe (NASDAQ:PATH) said in conjunction with the financing, James A. Datin, executive vice president and managing director at Wayne, Pa.-based Safeguard Scientifics Inc. (NYSE:SFE), and Brian J. Sisko, senior vice president and general counsel at Safeguard, along with Richard S. Kollender, partner at Quaker Partners Management in Philadelphia, were appointed to the company’s board.
Jeanne Cunicelli, investment partner at Bay City Capital, and Dr. Gary Kurtzman, senior vice president and managing director at Safeguard, resigned from the board.
The Food and Drug Administration is reviewing NuPathe’s amended new drug application for its lead product, now called Zecuity, a treatment for migraine headaches delivered by a transdermal patch.
An FDA decision is expected in January.
