Melt Pharmaceuticals Completes Stock Refinancing to Support Further Development of MELT-300

Melt Pharmaceuticals announced the completion of its Series B Preferred Stock financing of approximately $24 million from new and existing investors. The capital raised will primarily support the further development of MELT-300, including the MELT-300 phase 3 program.

MELT-300, a non-IV, non‑opioid tablet that combines fixed doses of midazolam (3mg) and ketamine (50mg), is administered sublingually using Catalent’s proprietary fast‑dissolving Zydis delivery technology to rapidly dissolve the tablet for absorption across the thin sublingual mucosa. The MELT-300 phase 3 program commenced in the first quarter of 2024, with first patient dosing expected in the second quarter of 2024 and a topline readout expected in the fourth quarter of 2024.

“Melt is seeking to drive a paradigm shift in procedural sedation, fulfilling an unmet need to provide a needle- and opioid-free alternative for procedural sedation, especially in cataract surgeries, which are estimated at over 4.5 million procedures in the US. As we continue to develop our patented technologies, we believe we can also impact the more than 100 million short-duration medical procedures nationwide,” Dr. Larry Dillaha, Chief Executive Officer of Melt, said in a company news release. “If approved, we expect MELT-300 will enhance the patient’s experience in all sites of care by offering greater comfort without a needle stick and by reducing exposure to opioids.