Business: Xanodyne develops, promotes and distributes products that fight cancer and cancer-related ailments.
Headquarters: Florence, Ken.
Founded: June 2001
VC raised to date: $17.29M
Capital raised one year ago: $16M
Investors at that time: Blue Chip Venture Co., Essex Woodlands Health Ventures, HealthCare Ventures, Union Spring LLC.
Plans one year ago: Xanodyne was distributing three well-known drugs that it bought from Seattle-based Immunex Corp. Already profitable, Xanodyne had no plans for raising another round of private equity, although it was looking to hire an addition 25 to 30 employees. The company was hoping for an eventual IPO.
Status: Since its last round of financing, Xanodyne has continued its drug acquisition activity by grabbing DexAlone from DexGen Pharmaceuticals. The cough ailment solution fits with Xanodyne’s oncology focus, as it is used for treatment of certain complications that arise from chemotherapy treatments. The company has also bolstered its drug development, by acquiring Drug Enhancement Co. of America.
Robert Estey, chief financial officer of Xanodyne, says that the company has dropped below profitability as a result of its increased focus on drug production. He adds that the company is keeping tabs on the private equity market, but that it has not yet decided to launch a new offering.