REDWOOD CITY, Calif.,
May 23, 2018 /PRNewswire/ -- AcelRx
Pharmaceuticals, Inc. (Nasdaq: ACRX), (AcelRx or the Company), a
specialty pharmaceutical company focused on innovative therapies
for use in medically supervised settings, today announced that all
of AcelRx shares owned by Three Arch Partners III, L.P., Three Arch
Associates III, L.P., Three Arch Partners IV, L.P. and Three Arch
Associates IV, L.P. (Three Arch or the Funds) were acquired by
investors led by Leerink Revelation Partners and Industry Ventures
(collectively, the Investors). The Three Arch funds that held the
AcelRx shares were each formed between 1999 and 2004 and are at the
end of their respective terms. The Funds are in the
dissolution process and are each finalizing the liquidation of
their entire respective portfolios consisting of the Funds'
remaining assets, which included their respective investments in
AcelRx, comprised of 9,367,041 shares in the aggregate across all
of the Funds. AcelRx did not receive any proceeds from these
transactions.
"We're excited to step into Three Arch's position as a leading
shareholder of AcelRx and we're looking forward to the Company
creating significant value for all AcelRx shareholders," said
Scott Halsted, Managing Partner,
Leerink Revelation Partners.
"We welcome our new shareholders and are appreciative that Three
Arch was able to agree to the sale of its position to long-term
shareholders that understand the potential value in AcelRx," said
Vince Angotti, Chief Executive
Officer of AcelRx. "We remain on track to achieve the
remaining key milestones this year, with the expectation of another
approved product in Europe and our first approved product
in the U.S. with DSUVIA™," continued Angotti.
No changes were made to the composition or size of AcelRx's
Board of Directors. Mark Wan,
Managing Member at Three Arch and a current member of AcelRx's
Board of Directors, remains a director of the Company following the
closing of the transaction.
About AcelRx Pharmaceuticals, Inc.
AcelRx
Pharmaceuticals, Inc. is a specialty pharmaceutical company focused
on the development and commercialization of innovative therapies
for use in medically supervised settings. AcelRx's proprietary,
non-invasive sublingual formulation technology delivers sufentanil
with consistent pharmacokinetic profiles. The Company has two
product candidates including DSUVIA™ (sufentanil
sublingual tablet, 30 mcg), known as DZUVEO™ in
Europe, with a proposed indication
for the treatment of moderate-to-severe acute pain in medically
supervised settings, and Zalviso® (sufentanil sublingual
tablet system, SST system, 15 mcg) being developed as an
innovatively designed patient-controlled analgesia (PCA) system for
reduction of moderate-to-severe acute pain in medically supervised
settings.
For additional information about AcelRx's clinical programs,
please visit www.acelrx.com.
About Leerink Revelation Partners
Leerink Revelation
Partners is a San Francisco-based
investment firm that invests in healthcare companies acquired in
negotiated transactions from existing shareholders. We invest
broadly across healthcare sectors with a focus on commercial
companies with proven business models or companies with novel
technologies that have clear clinical and regulatory pathways. We
actively invest in the following healthcare verticals - medical
devices, biopharmaceuticals, healthcare IT and healthcare services.
For more information, please
visit: www.revelation-partners.com.
About Industry Ventures LLC
Industry Ventures is a
leading investment firm that focuses on venture capital. The firm
has three investment strategies: secondary investments, primary
fund of funds investments, and direct co-investments. Founded in
2000, the firm manages over $3
billion of institutional capital and is headquartered in
San Francisco, with an office in
Washington, D.C. For more
information, please visit www.industryventures.com.
Forward-Looking Statements
This press release
contains forward-looking statements, including, but not limited to,
the potential value of AcelRx, the ability of AcelRx to create
significant value for all shareholders, and its expectations for
achieving the remaining key milestones, including obtaining
approvals for its DSUVIA™, DZUVEO™ and Zalviso®.
These forward-looking statements are based on AcelRx's current
expectations and inherently involve significant risks and
uncertainties. AcelRx's actual results and timing of events could
differ materially from those anticipated in such forward-looking
statements as a result of these risks and uncertainties, which
include, without limitation, the risks detailed in the "Risk
Factors" and elsewhere in AcelRx's U.S. Securities and
Exchange Commission (SEC) filings and reports, including its Annual
Report on Form 10-K filed with the SEC on March 9,
2018 and Form 10-Q filed with the SEC on May
10, 2018. AcelRx undertakes no duty or obligation to update
any forward-looking statements contained in this release as a
result of new information, future events or changes in its
expectations, except as required by law.
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SOURCE AcelRx Pharmaceuticals, Inc.