Privately Owned Warminster Pharma Firm Sheds Shares to Raise $16M

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One of the products developed by i3 Pharmaceuticals, Warminster, addresses Parkinson's disease.

i3 Pharmaceuticals of Warminster raised $16M recently by way of equity financing. John George covered the privately owned firm’s stock sale in the Philadelphia Business Journal.

News of the i3 capital-raising measure came via filings with the Securities and Exchange Commission.

The company develops and manufactures difficult-to-formulate specialty drugs.

In Feb., it launched a generic selegiline hydrochloride capsule domestically. It received its Food and Drug Administration (FDA) approval last fall and became the first product commercialized under the i3 brand.

The pharmaceutical is part of a combination of therapies being used to treat Parkinson’s disease.

The company’s second generic drug, ranolazine tablets, got the FDA nod two months ago. Its usage treats chronic chest pain.

i3 was founded in 2015. It originally leased laboratory space in Plymouth Meeting but, a year after it began operations, it moved to Warminster. That 150,000 sq.-ft. facility holds research and analytical laboratories, pilot and commercial manufacturing plants, and a warehouse.

More on the capital raised by i3 Pharmaceuticals is at the Philadelphia Business Journal.

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