Vyteris Inc. is a leader in active transdermal drug delivery technology. The company is the maker of the first active, ready-to-use drug delivery patch – LidoSite – to receive marketing clearance from the US Food and Drug Administration (FDA).
The company’s proprietary active transdermal patch technology delivers drugs comfortably through the skin using low-level electrical energy. This smart patch technology allows precise dosing, giving physicians and patients control in the rate, dosage and pattern of drug delivery that may result in considerable therapeutic advantages over existing methods of drug delivery.
Vyteris announced today the sale of $2.3 million of net operating tax losses in a non-dilutive capital raise and the conversion of approximately $20 million of debt and preferred shares into common stock through an agreement with Spencer Trask Specialty Group LLC. These efforts were completed as part of the company’s ongoing financial restructuring. The company also issued a $2 million promissory note covering the balance of debt owed to Spencer Trask Specialty Group. This note has a term of three years and an interest rate of 6% per year.
President and CEO of Vyteris, Dr. Haro Hartounian, said, “These important strategic steps strengthen the balance sheet and give Vyteris significantly greater flexibility in pursuing new, high-value partnerships, complimentary platform technologies and our other long-term business objectives. We are particularly pleased with the decision by Spencer Trask to become our largest shareholder…this decision is a strong vote of confidence in the future of Vyteris and in our innovative and proprietary smart patch technology.”