California-based A.P. Pharma has raised $4.5 million in convertible notes and named a new CEO, according to Silicon Valley/San Jose Business Journal. The specialty pharmaceutical company's lead drug candidate is designed to prevent acute-onset and delayed-onset chemotherapy-induced nausea and vomiting.
The private placement is through agreements with investors, including Tang Capital Partners LP. At the closing, an amount of $1.5 million will be funded to the company and used directly to help resubmit the company's New Drug Application to the FDA. The $3 million that remains will be funded to the company at the investors’ discretion.
The company has also named John B. Whelan as president, chief executive officer and a director. Whelan has worked for A.P. Pharma since February 2009, most recently serving as acting chief executive officer and chief financial officer.