Business
Jaguar Health Announces Initial Close in Private Placement Financing Round for Napo Therapeutics S.p.A.
This closing on funds from SPRIM Global Investments, a healthcare-focused international venture capital firm, was completed at a fully diluted valuation of
About this update from Jaguar Health, Inc.
[{"type":"text","content":"This closing on funds from SPRIM Global Investments, a healthcare-focused international venture capital firm, was completed at a fully diluted valuation of approximately €55 millionJaguar currently owns approximately 73.5% of Napo TherapeuticsNapo Therapeutics' mission is to provide access to Jaguar's proprietary first-in-class plant-based medicine crofelemer in Europe to address significant rare disease indicationsSAN FRANCISCO, CA / ACCESSWIRE / February 9, 2023 / Jaguar Health, Inc. (NASDAQ:JAGX) today announced a closing in a private placement financing round for Napo Therapeutics, the Italian corporation established by Jaguar in Milan, Italy in 2021 that focuses on expanding crofelemer access in Europe.\"As majority shareholders of Napo Therapeutics, we are very pleased with the closing of this initial investment which is part of a larger round of Napo Therapeutics funding expected to close before March 31, 2023. This initial investment, completed at a fully diluted valuation of approximately €55 million (including €8.8 million of exercise price of warrants issued), represents a step up from the first Napo Therapeutics funding round in December 2021 and is from SPRIM Global Investments, a prominent international venture capital firm focused on early-stage healthcare solutions that is associated with a clinical research organization (CRO). The CRO was able to benefit from its due diligence into Napo Therapeutics' crofelemer development plan when evaluating and consummating this equity investment,\" said Lisa Conte, Jaguar's founder, president, and chief executive officer. \"We are delighted that this investment broadens Napo Therapeutics' investor base as we look forward to possible additional private placement financing rounds for Napo Therapeutics in addition to a possible future public listing of the company. We expect Napo Therapeutics to raise up to approximately €7 million in total as part of this current financing round, including additional participation from Jaguar.\"Napo Therapeutics' mission is to provide access to Jaguar's proprietary first-in-class plant-based medicine crofelemer in Europe to address significant rare disease indications. The company's initial focus is on clinical development and future registration in Europe of crofelemer for two debilitating rare disease target indications: short bowel syndrome...