King of Prussia-based Maxona Pharmaceuticals Raises Millions in Private Sale to Advance Its Medication Portfolio

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King of Prussia-based Maxona Pharmaceuticals has raised $5.56 million in a private sale to advance its non-opioid and non-steroidal pain medication portfolio, writes John George for the Philadelphia Business Journal.

According to documents the pharmaceutical company filed with the Securities and Exchange Commission, Maxona is seeking to raise a total of $10 million.

The company’s lead new pain relief candidate is Max-001. This drug has been extensively used outside of the United States as an analgesic for several decades.

Maxona was founded six years ago. It is led by CEO Shawn Fatholahi, who previously served as a vice president for sales and marketing at Impax Laboratories, a generic drug maker.

The management team at the company also includes CFO Arthur Koch Jr., who was previously CFO at Impax and IBAH, a Blue Bell-based contract research organization that has been acquired by Omnicare.

Impax Labs, which had operations in Montgomery County, merged with North Jersey-based Amneal Pharmaceuticals three years ago.

Read more about Maxona Pharmaceuticals in the Philadelphia Business Journal.

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