Sprout Pharmaceuticals Raises $4.5M

Sprout Pharmaceuticals has raised $4.5 million in equity, according to a filing with the Securities and Exchange Commission.

The company, which was sold two years ago to Valeant Pharmaceuticals for $1 billion, is reverting to Sprout2 with support from 203 investors. Valeant has given the rights to the company back to the original shareholders.

Sprout is still seeking to raise another $2.1 million from investors. According to the filing, Sprout2 began work to re-establish on Dec. 20.

The Raleigh-based company is led by chief executive officer Cindy Whitehead.

Robert Whitehead is also involved in the revival of Sprout2, as he was when the original company launched.

Cindy Whitehead became CEO of Sprout in January 2015, when Robert Whitehead gave up the CEO role to become vice chairman of the board and executive director.

Sprout’s main product is female sexual enhancement drug Addyi, which was approved by the Food and Drug Administration in August 2015.

Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.

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