Sprout acquired flibanserin from Boehringer Ingelheim and is pursuing commercialization of the compound as a treatment for hypoactive sexual desire disorder (HSDD). Boehringer originally studied flibanserin as an antidepressant and then for HSDD, but an FDA advisory committee declined to recommend approval in June 2010, the FDA issued a complete response letter in August 2010, and Boehringer discontinued development in October 2010. There are currently no FDA-approved products for HSDD; a recent competitor effort, BioSante’s LibiGel, failed in two phase 3 trials where placebo performed similarly. Sprout is using the acquired asset as the basis for a potential female sexual-dysfunction product and has positioned its financing to support those efforts. The company raised $5 million in equity from 61 investors and says its board may increase the offering to $6 million; proceeds will be used as working capital. CEO Bob Whitehead, formerly of Slate Pharmaceuticals and Auxilium, leads the Raleigh spin‑off and has recruited both former Slate executives and new hires including VP for drug development James Symons from Meditrina.

Total raised

$5M

Funding rounds

1

Latest round

Equity

Latest activity

Apr 2012