Source, Philadelphia Business Journal, John George
A King of Prussia pharmaceutical company developing non-opioid and non-steroidal pain medications has raised $5.56 million in a private sale.
Maxona Pharmaceuticals’ equity financing was disclosed in documents filed with the Securities and Exchange Commission.
The company is seeking to raise a total of $10 million, according to the filing. Maxona officials could not be reached to comment on the equity financing.
Founded in 2015, Maxona’s lead new pain relief candidate, Max-001, has been used extensively as an analgesic outside the United States for several decades.
The company is led by CEO Shawn Fatholahi, previously a vice president for sales and marketing at generic drug maker Impax Laboratories.
Impax Labs, which formerly had operations in Montgomery County, merged with North Jersey-based Amneal Pharmaceuticals in 2018.
Moxano’s management team also includes CFO Arthur Koch Jr. Koch was previously CFO at Impax and IBAH, a Blue Bell-based contract research organization that was acquired by Omnicare for $169 million in 1998.