NuPathe to raise $28M, cut costs

NuPathe Inc. (NASDAQ:PATH) said it plans to raise $28 million in a private placement and implement cost cutting measures ahead of the Jan. 17 PDUFA date for migraine product Zelrix ( NP101), a transdermal patch delivering sumatriptan via iontophoresis. NuPathe, which had $7.5 million in cash at June 30, will cut 50% of its headcount to 15 from 30. ...