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news.Avista Capital Partners has committed to invest $48.5m 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.
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In conjunction with this investment, OptiNose will reincorporate in the US and move its headquarters from Oslo, Norway to Yardley, PA.
OptiNose, founded by Per Djupesland in 2000, has tested its new drug delivery device under the leadership of the current CEO, Helena Kyttari Djupesland.
Avista’s investment is expected to support Phase III trials for chronic rhinosinusitis with polyposis, chronic rhinosinusitis without polyposis, and migraine therapies which have completed Phase II clinical studies with positive results.
Avista’s investment is also expected to 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, is also expected to maintain a stake in OptiNose and continue to actively support the development program.
Avista and OptiNose said that Peter Miller, president and former CEO of Take Care Health Systems, a business Mr Miller co-founded and sold to Walgreens, has been appointed as the new CEO of OptiNose and is expected to serve on the OptiNose board of directors. Prior to joining Take Care Health Systems, Mr Miller spent over a decade at Johnson and Johnson in senior executive positions.
Larry Pickering, an Avista healthcare industry executive who is expected to become the new chairman of OptiNose, said: “OptiNose’s technology is promising for the indications slated to begin Phase III trials and for a wide variety of other applications. We look forward to supporting OptiNose as it enters these trials with a low risk development pathway.”
Bill Doyle, managing partner of WFD Ventures, said: “We at WFD continue to be supporters of OptiNose and are excited about working with Avista and Peter Miller to assist OptiNose in executing upon its growth plan.”