Jaguar Health announces initial close in private placement financing

Jaguar Health announced a closing in a private placement financing round for Napo Therapeutics, the Italian corporation established by Jaguar in Milan, Italy in 2021 that focuses on expanding crofelemer access in Europe. "As majority shareholders of Napo Therapeutics, we are very pleased with the closing of this initial investment which is part of a larger round of Napo Therapeutics funding expected to close before March 31, 2023. This initial investment, completed at a fully diluted valuation of approximately EUR 55 million, represents a step up from the first Napo Therapeutics funding round in December 2021 and is from SPRIM Global Investments, a prominent international venture capital firm focused on early-stage healthcare solutions that is associated with a clinical research organization. The CRO was able to benefit from its due diligence into Napo Therapeutics’ crofelemer development plan when evaluating and consummating this equity investment," said Lisa Conte, Jaguar’s founder, president, and CEO. "We are delighted that this investment broadens Napo Therapeutics’ investor base as we look forward to possible additional private placement financing rounds for Napo Therapeutics in addition to a possible future public listing of the company. We expect Napo Therapeutics to raise up to approximately EUR 7 million in total as part of this current financing round, including additional participation from Jaguar." Napo Therapeutics’ mission is to provide access to Jaguar’s proprietary first-in-class plant-based medicine crofelemer in Europe to address significant rare disease indications. The company’s initial focus is on clinical development and future registration in Europe of crofelemer for two debilitating rare disease target indications: short bowel syndrome and congenital diarrheal disorders with intestinal failure. Crofelemer has received orphan drug designation from the European Medicines Agency for both indications. Napo Therapeutics intends to use the net proceeds from the current financing round to fund the company’s business activities, including supporting scientific and clinical requests from independent clinical investigators, engagement with key opinion leaders regarding the design of a pivotal trial of crofelemer, and scientific advice from the EMA related to clinical trial design. The funds comprising the above-referenced initial closing in this private placement financing round for Napo Therapeutics are subject to a proportionate refund to the investor in the event that Napo Therapeutics reduces or cancels the service agreement it entered with the investor on December 29, 2022.