Endeavor Pharmaceuticals receives $46 million in funding

This week, aaiPharma Inc. (formerly known as Applied Analytical Industries; Wilmington, NC) announced that Endeavor Pharmaceuticals Inc., a privately-held pharmaceutical company specializing in female health and hormone technologies, has closed its final placement of its $46 million Series E preferred stock financing. aaiPharma, which holds a significant interest in Endeavor, assisted the company in the development of its technology platform in conjugated estrogens.

Healthcare venture fund MPM Capital LP led the financing with a $20 million investment. Alta Partners, Origin Capital Management LLC, and Quantum Partners LDC also co-invested in this round. Endeavor's existing investor base, including Goldman, Sachs & Co., Noro-Moseley Partners, the Wakefield Group, and Schering Berlin Venture Corp. also participated.

aaiPharma currently holds a seat on Endeavor's board of directors, and, following the completion of this round of funding, owns approximately 14% of the company. Endeavor was originally formed by aaiPharma and Schering Berlin Venture in 1994.

Endeavor will use the proceeds of the Series E financing will be used to continue developing the company's technology platform in hormone replacement and to continue its clinical research programs in hormone replacement therapies for women. Endeavor's product portfolio includes a complex conjugated estrogens mixture, alone and in combination with other important hormones.

"We look forward to working with our investors and utilizing the proceeds of this offering to accelerate our technology development and clinical research," Endeavor CEO Forrest Waldon stated. "The additional funding allows us to continue our focus on hormone and female health drug development work. We believe the expertise we have developed in hormone replacement therapy can be used to develop several innovative drugs. aaiPharma has played a significant role in providing product development services to Endeavor over the past six years."

aaiPharma is a specialty pharmaceutical and product development company with drug development capabilities in the United States, Europe, and Asia.

Endeavor is a private pharmaceutical company engaged in developing advanced sex hormone therapies, initially focusing on a portfolio of hormone replacement products intended to treat hormone deficiencies associated with menopause.

For more information, contact Bill Ginna, CFO of aaiPharma, at 910-254-7000.

Edited by Jim Pomager
Assistant Editor, Pharmaceutical Online

For more information about aaiPharma, visit the company's storefront on Pharmaceutical Online.