River Stone Biotech Inc. Announces $6.8M Series B Financing to Advance Lead Pipeline Projects To Treat Opiate Use Disorder and Opiate Overdose
Cambridge, Nov. 10, 2021
– River Stone Biotech Inc., a business operating within the contract development and manufacturing space (CDMO) centred around a disruptive specialty API offering, today announced the completion of a $6.8 million Series B financing.
Led by an individual specialty healthcare investor, the financing included new investments from 5 private investors along with further participation from existing investor, Dick Cashin. In conjunction with the financing, James (Jeb) Besser, has been appointed to River Stone’s board of directors.
Proceeds of the Series B round will be used to rapidly progress the industrialisation of River Stone’s novel process linked to the production of a series of APIs used for the treatment of Opioid Use Disorder and Opiate Overdose. River Stone’s lead projects centre around a novel production technology proven both at lab and pilot scale. Subsequent activity will focus on moving toward commercial scale validation. River Stone’s pipeline includes other specialty APIs and related formulation projects.
Jeb Besser, River Stone’s new Board member, said, “River Stone is quickly establishing itself in the burgeoning CDMO space and will be able to offer a very important point of difference in a market segment crying out for rapid expansion in the number of patients being offered medication assisted treatment. I am thrilled to be involved with the business on the cusp of achieving some key milestones, and I look forward to our future successes.”
Dick Cashin, founding investor, said, “I am delighted to welcome Jeb and our new investors into River Stone Biotech and look forward to our ongoing journey as we track toward becoming a very novel provider in this exciting sector.”
Simon Ball, Chief Operating Officer, River Stone, added “The size of this financing allows us to move toward a number of critical inflection points in 2022. The fundraising environment in the private space is challenging and the ability to close this round speaks volumes to the opportunity before us; we look forward to working closely with our new investors and building on this strong foundation.”
About River Stone Biotech Inc.
RSB is headquartered in Cambridge, MA, US with development sites in Denmark and Australia; its highly experienced management team has taken multiple projects from concept through method development and into commercial-scale production. RSB is dedicated to providing life changing APIs and formulations via innovative production methods that blend synthetic biology and chemistry processes.
In the first instance RSB is pleased to be able to make a meaningful contribution to the important Opioid Dependence/Substance Abuse Prevention programs around the world.
River Stone works with a small number of global providers to establish a virtual cross-functional operation to enable its API offering.
River Stone Biotech Inc. Contact
River Stone Biotech Inc.