Shin Nippon Biomedical Laboratories, Ltd. ("SNBL"; CEO: Ryoichi Nagata; Tokyo, Japan) announces that third-party allocation of new shares have been concluded for Satsuma Pharmaceuticals, Inc. ("Satsuma"; President & CEO: John Kollins; California), which was established in the US to develop migraine therapeutics. The $12M financing was co-led by RA Capital Management, LLC ("RA Capital") and TPG Biotechnology Partners V, L.P. ("TPG").

Satsuma was established in June 2016, with the purpose to globally expand SNBL's Translational Research business by develop migraine therapeutics using SNBL's novel nasal delivery technology. In parallel, SNBL licensed its nasal delivery technology to Satsuma for a nasal dihydroergotamine ("DHE") product with significant market potential, satisfying the unmet needs of migraine patients. Since then, Satsuma has been preparing to develop the product, while entering into discussion with institutional investors for the financing.

SNBL's novel technology and development experience, as well as the product's exceptional absorption profile, well-matching to the patients' unmet needs, and potential marketability, were all evaluated highly. With this financing, Satsuma plans to swiftly start the clinical studies of the nasal DHE product, obtain proof-of-concept and enable the pursuit of multiple potential exit strategies.

SNBL will help early commercialization of the nasal DHE product by supporting the development as a CRO and by continuing to support the business as a shareholder and the technology licensor.

"Translational Research business has already succeeded in establishing and creating value with Wave Life Sciences, Ltd., which is now an important investment to SNBL. Satsuma will be a similar success case of TR business to follow," states Ryoichi Nagata.

RA Capital is a crossover investment manager dedicated to evidence-based investing in public and private healthcare and life science companies that are developing drugs, medical devices, and diagnostics. The flexibility of its strategy allows RA Capital to lead private, IPO, and follow-on financings for its portfolio companies, both facilitating the crossover process and allowing management teams to drive value creation with fewer capital concerns from inception through commercialization.

TPG Biotech is TPG's life science venture capital platform. With $1.2 billion in assets under management, TPG Biotech focuses on subsectors such as therapeutics, medical devices, and healthcare services. TPG team, which includes experienced investors, physicians, scientists, and technical experts, partners with innovative companies and talented entrepreneurs to expand and create new businesses. Since 2002, TPG Biotech has invested in more than 50 life science businesses.

There are currently estimated 28 million people in the U.S., about 10% of the population, suffering from migraine headaches, and the market for migraine therapeutics is estimated to have reached $3 billion in 2011 in the US alone. A large number of patients are relatively young, between 20 and 40 years old, and there is an existing need for quick relief of the potentially-disabling headache. DHE is effective for non-responders of triptans, which are currently first-in-line therapies; however, the current liquid nasal spray is slow to absorb, taking at least 30 minutes to take effect, and the product is regarded to be unreliable due to its variability in absorption and the relatively low blood concentrations it achieves. Nasal DHE product using SNBL's nasal delivery technology enables fast and adequate absorption and is expected to meet the needs of patients.

WaVe Life Sciences, Ltd.is a biotechnology company, completed IPO on NASDAQ November 2015, established a royalty-based license agreement with Pfizer for the development of chiral-specific nucleic acid therapies for $911M in May 2015.