Pharmaceutical company Braeburn Pharmaceuticals Inc reported on Wednesday the completion of USD110m mezzanine round of financing.

This financing was led by Wellington Capital Management. Other new investors participating in the financing include Avista Capital Partners, RA Capital Management, New Leaf Venture Partners, Deerfield Management, and Rock Springs Capital. Apple Tree Partners, the sole investor in Braeburn to date, participated.

According to the company, the proceeds will be used to continue to advance the US FDA approval process and commercialise CAM2038, an investigational buprenorphine weekly and monthly depot injection for the treatment of adults with opioid use disorder (OUD). According to the chair of the American Medical Association's Opioid Task Force, only 20% of those who need OUD treatment are receiving it.

Under the terms of the financing, Brian A. Markison has been named to Braeburn's board of directors, together with an additional nomination to be confirmed shortly.

Currently, Markison serves as the chief executive officer and chairman of Osmotica Holdings, SCSp and an Avista operating executive.