A.P. Pharma raises $60 million in follow-on

A.P. Pharma Inc. (OTCBB:APPA) raised $60 million through the sale of 150 million shares at $0.40 in a follow-on underwritten by Jefferies; Leerink Swan; JMP Securities; Brean Capital; and Oppenheimer. A.P. Pharma proposed the offering late Tuesday, when its share price was $0.48. Next quarter, the company said it plans to resubmit an NDA for APF530 to prevent chemotherapy-induced nausea and vomiting (CINV). FDA issued a complete response letter for the product in March. APF530 is a long-acting formulation of granisetron, a serotonin (5-HT3) receptor antagonist, which uses A.P. Pharma's Biochronomer drug delivery system. ...