Blue Ocean invests $5M in Colorado dental firm St Renatus
St Renatus LLC has bagged $5 million in funding from investment management firm Blue Ocean to complete its drug application for its needle-free nasal spray anesthetic, according to Northern Colorado Business Report.
St Renatus Chief Executive Officer (CEO) Steve Merrick said in a statement: "We want to ramp up production and distribution quickly -- if our drug application is approved by the FDA. Often there is lag time in the expenses incurred during the ramp up versus sales revenue, therefore we are actively seeking additional private investors like Blue Ocean and new investors to support us financially during this exciting period."
For the last four years, the Fort Collins-based dental firm has been developing a nasal mist anesthetic. Should it gain approval from the US Food and Drug Administration (FDA), it could eliminate dental patients' fear of needle injections, Coloradoan explained.
The company has already completed the drug's clinical trials. Another application later this year for adult and pediatric use of the said drug is already being planned by St Renatus, the report added.