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King of Prussia firm raises $5.6M to advance non-opioid pain medicine portfolio

June 2, 2021

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.