AltaThera Pharmaceuticals LLC – Optimizing Care to Improve Patient Outcomes
AltaThera Pharmaceuticals LLC is a commercial stage hospital-focused pharmaceutical company applying innovative science to address unmet medical needs while reducing healthcare costs.
AltaThera is committed to providing therapies that increase efficient treatment of the complex challenges of atrial fibrillation (AFib), a serious and costly health problem. The company’s first product, Sotalol IV, received FDA approval in March 2020 for new AFib hospital initiations – the only FDA approval for an antiarrhythmic in over 10 years. Sotalol IV is a faster, less expensive, and safer way to initiate a patient on oral sotalol in the hospital and converts an inpatient procedure into an outpatient procedure, benefiting patients, doctors, and hospitals. AltaThera has recently launched its commercial efforts and the product is gaining early traction in the AFib market with the first large hospital treating patients and getting positive results.
A worldwide arrhythmia epidemic persists with 34 million people globally suffering from AFib. In the U.S. there are over six million AFib sufferers, leading to 750,000 hospitalizations, 160,000 deaths, and $26 billion in costs to the healthcare system. The number of AFib sufferers will increase to 45 million globally and 12 million in the U.S. over the next ten years driven by the progression of the disease as a function of aging, western lifestyle and the explosion of self-monitoring wearables.
AltaThera’s CEO, Jodi Devlin, is an industry veteran with impressive commercial credentials who has grown similar products to great success during her tenure at AbbVie, Baxter, and Mallinckrodt Pharmaceuticals. The company has a term sheet for debt from a major healthcare lender and is looking to raise up to $5 million of outside equity to come in alongside the credit facility. Proceeds will be used to ramp up commercial activity and provide a path to an exit or larger capital raise in 12-18 months. The company has retained B Riley Financial to assist in the capital raising process.