Topaz receives $20 million in second round of funding
PHILADELPHIA Topaz Pharmaceuticals, a pharmaceutical company dedicated to the health and well being of children, today announced that it has secured $20 million in financing from Aisling Capital and Fidelity Biosciences.
The funds will be used to help Topaz complete clinical trials of the company’s lead product, a novel and kid-friendly head lice treatment made from active ingredient derived from a naturally occurring soil organism that is lethal to head lice, and prepare the product for market.
Topaz is developing this product to give healthcare professionals a new choice to treat head lice infestations which are becoming more resistant to some traditional treatments. Between 6 million and 12 million children are affected by head lice in the United States each year, the company stated. “This round of funding is a significant milestone in the evolution of Topaz Pharmaceuticals,” said Nick Spring, president and chief executive officer. “Aisling Capital and Fidelity Biosciences are the types of partners that fully understand the medical significance of our offering.”
Topaz initially benefited from support provided by the Ben Franklin Technology Partners of Southeast Pennsylvania.