Marlborough Firm Secures Funding, License Pact
Acton Pharmaceuticals Inc. of Marlborough has completed a $15 million round of private financing and has licensed an aerosol-based asthma treatment from Forest Laboratories Inc.
The company said the Series A financing round was led by California-based venture fund Sequoia Capital.
With the license for Aerospan inhalation aerosol from Forest Laboratories in hand, Acton assumes responsibility for the development, marketing and manufacturing of the product.
The aerosol-based asthma inhalant is more environmentally friendly than CFC-based products, the company said. It plans to commercialize Aerospan in 2011.
Daniel L. Kreisler, one of Acton's founders worked for 16 years at Forest Laboratories, which is based in New York. The company's other co-founder, John W. Simon also worked at Forest and was most recently a vice president at Marlborough-based drug maker Sepracor.
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