Summit, N.J.-based Engage Therapeutics said today that it closed a $23 million Series A round to fund a Phase IIb trial of its lead product, Staccato alprazolam. The round was led by TPG Biotech, Adage Capital Management and Lumira Capital.
The drug-device product combines a hand-held inhaler technology, which is FDA-approved, with alprazolam, an FDA-approved benzodiazepine. If the FDA OKs the combination product, Engage Therapeutics said it would be the first of its kind indicated to rapidly stop seizure activity.
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