Private equity firm Avista Capital Partners has committed to invest USD48.5m in OptiNose, which has developed a nasal drug delivery technology that enables administration of drugs deep in the nasal cavity, enabling the treatment of both local and systemic disease.
In conjunction with this investment, OptiNose will reincorporate in the US and move its headquarters from Oslo, Norway to Yardley, Pennsylvania.
OptiNose, which was founded by Dr. Per Djupesland in 2000, has tested its nasal drug delivery device under the leadership of the current chief executive Helena Kyttari Djupesland.
The company recently completed phase II clinical studies for chronic rhinosinusitis with polyposis, chronic rhinosinusitis without polyposis, and migraine therapies with positive results.
Avista’s investment will support phase III trials and enable OptiNose to build out its clinical development and commercialisation infrastructure.
WFD Ventures, a New York-based venture capital firm specialising in medical technology investing, will also maintain a significant stake in the company and continue to actively support the development programme.
Peter Miller, the president and former chief executive officer of Take Care Health Systems, has been appointed the new chief executive officer of the company and will serve on the OptiNose board of directors.
Larry Pickering, an Avista healthcare industry executive who will become the new chairman of OptiNose, says: "OptiNose’s technology is extremely promising for the indications slated to begin phase III trials and for a wide variety of other applications. We look forward to supporting the company as it enters these trials with a low risk development pathway. I have known Peter since his time at Johnson & Johnson, and am convinced he is the ideal executive to lead this company."
