Wednesday March 19, 2014 0 commentsFORT COLLINS - St. Renatus LLC has received an additional $5 million from Blue Ocean STR LLC to assist with its New Drug Application submission to the U.S. FDA, the company announced.
The funding will also be used to support St. Renatus' transition to a commercialization company to market a new nasal mist anesthetic technology under development by the company for the past four years.
St. Renatus said it has completed all planned Phase 3 pivotal clinical trials for the still-investigative drug and is preparing its data analysis for submission this year to the FDA for use on both adult and pediatric patients.
"Blue Ocean was an early investor in St. Renatus, and we continue to be excited about the company's prospects," said Curt Richardson, co-founder and co-owner of Blue Ocean Holdings in Fort Collins.
"We recognized the blockbuster potential of the St. Renatus investigative drug, which fits our investment strategy of supporting companies that can change lives and transform their industries."
Blue Ocean Holdings LLC is a diversified investment management company with two primary portfolios focused on innovative business ventures and commercial real estate.
"Blue Ocean's commitment to St. Renatus is an asset to a fast-growing company looking at national distribution," said Steve Merrick, St. Renatus CEO.
"We want to ramp up production and distribution quickly if our drug application is approved by the FDA. Often, there is a lag time in the expenses incurred during the ramp-up versus sales revenue, therefore we are actively seeking additional private investors like Blue Ocean and new investors to support us financially during this exciting period."