Melt Pharmaceuticals, a Nashville, TN-based clinical‑stage pharmaceutical company, raised $24M in Series B Preferred Stock financing.
The company intends to use the funds to support the further development of MELT-300, including the MELT-300 Phase 3 program.
Led by CEO Dr. Larry Dillaha, Melt Pharmaceuticals is a clinical-stage pharmaceutical company focused on developing proprietary non-opioid, non-IV, sedation, and analgesia therapeutics for human medical procedures in the hospital, outpatient, and in-office settings. It intends to seek regulatory approval through the FDA’s 505(b)(2) regulatory pathway for its proprietary, patented small-molecule product candidates, where possible. Its core intellectual property is the subject of multiple granted patents in North America, Europe, Asia, and the Middle East. The company is a former subsidiary of Harrow, Inc. (Nasdaq: HROW) and was carved out as a separately managed business in 2019.
Commenting on the news, Dr. Larry Dillaha said: “Melt is seeking to drive a paradigm shift in procedural sedation, fulfilling an unmet need to provide a needle- and opioid-free alternative for procedural sedation, especially in cataract surgeries, which are estimated at over 4.5 million procedures in the U.S. As we continue to develop our patented technologies, we believe we can also impact the more than 100 million short-duration medical procedures nationwide.”