Javelin Pharma attracts $3.9M stock offer

By Mass High Tech staff

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Javelin Pharmaceuticals Inc., a Cambridge pain management product developer, has received an offer from an unnamed investor for 3.2 million shares of common stock. The stock would bring about $3.9 million to Javelin.

Cambridge-based Javelin (AMEX: JAV) filed a shelf registration statement with the U.S. Securities and Exchange Commission in response to the investment commitment.

The company develops drugs for pain management, including one in the U.K. and three drug candidates in Phase 3 clinical trials.

Last November, Javelin announced a plan to cut 15 percent of its employees, about six people, in an effort to lower company costs. In August, the company reported results of a Phase 3 study of Ereska, a nonopioid pain reliever intended for intranasal delivery, that failed to meet the company goals outlined for the study.

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