Biopharm Startup TFF Pharmaceuticals Raises USD 14M for Breakthrough Dry Powder Inhalation Platform
(2 months ago)
AUSTIN, Texas: TFF Pharmaceuticals, Inc., an early-stage biopharmaceutical company focused on developing and commercializing innovative drug products for the treatment of lung diseases and conditions, announced it has closed an offering of Series A preferred stock for gross proceeds of USD 14 million.
The offering will be used to accelerate development of the Company's pipeline of advanced performance dry powder drugs for the treatment of pulmonary diseases and conditions such as lung transplant, severe asthma, COPD, and pulmonary infections.
National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), acted as sole placement agent for the offering. The Liquid Venture Partners group at National Securities Corporation was responsible for sourcing and executing the $14 million offering.
Thin Film Freezing (TFF) Technology
An estimated 40% of approved drugs and nearly 90% of developmental pipeline drugs consist of poorly soluble molecules.¹ In early testing the Company's Thin Film Freezing (TFF) proprietary platform significantly improved the solubility of drugs that have poor water solubility. The TFF Pharmaceuticals platform does not require a proprietary device, excipient or delivery molecule to obtain deep lung delivery of small molecules, biologics, or uniform combo drugs of small molecules and/or biologics.
Drugs that have poor water solubility cannot currently be delivered in a dry powder format, and must be delivered via other means, for example, orally or intravenously. TFF Pharmaceuticals has generated numerous formulations for faster and more complete dry powder delivery to the lungs.
More Effective Dry Powder Drug Delivery Than Currently Available
TFF formulations avoid the negative side effects of other drug delivery methods by targeting the lungs directly. With the improved delivery and advanced absorption of the TFF platform, the Company expects these dry powder formulations, which can be delivered directly to the lungs via inhaler, will avoid certain negative side effects that result from other parts of the body unnecessarily absorbing the drug. The Company's initial focus is on dry powder drugs for inhalation of both biologic and small molecule drugs that currently cannot be formulated for dry powder delivery by other means.
The Company's Thin Freezing Film technology, with a combination of 30 patents and applications, is licensed exclusively from the University of Texas at Austin.
Robert Mills, TFF Pharmaceuticals CEO, stated, We are excited with the strong investor interest in TFF and pleased to have this caliber of investors participate in our initial equity financing. The investment represents a strong vote of confidence in TFF's product pipeline of unique dry powder formulations for new pulmonary products; and our ability to generate dozens of potential drug candidates with promising commercial potential.