Acton Pharmaceuticals, Inc. (Acton) today announced completion of a $15 million round of financing led by Sequoia Capital. Acton also announced today that it has completed a licensing agreement for AEROSPANTM (flunisolide HFA, 80 mcg) Inhalation Aerosol from Forest Laboratories, Inc. (NYSE: FRX).

AEROSPAN is a HFA-propelled aerosol inhaled corticosteroid (ICS) for the treatment of asthma, which will compete in the $7 billion U.S. ICS market1. HFA-based aerosol inhalers are replacing the older CFC-based inhalers because they are safer for the environment. AEROSPAN has been approved by the U.S. Food and Drug Administration (FDA) and Acton plans to commercialize it in early 2011 upon completion of certain manufacturing requirements. Under the agreement, Acton assumes responsibility for development, marketing, and sale of AEROSPAN. Acton plans to launch the product into the U.S. market with its own specialty respiratory field force, which will focus on promotion to allergists, pulmonologists and other leading asthma specialists.

“We are very pleased to license AEROSPAN from Forest and to complete this round of financing with Sequoia Capital,” stated John W. Simon. “Partnering with Sequoia Capital, one of the world’s leading venture capital funds, validates the significant opportunity of our first product. Our shared vision with Sequoia Capital along with our strong capital structure will enable us to complete development of AEROSPAN and build a substantial sales, marketing, scientific, and business development infrastructure that we believe will attract new opportunities for clinical stage and marketed products.”

Acton was founded by Daniel L. Kreisler and John W. Simon. Mr. Kreisler has more than 25 years of commercial pharmaceutical experience, including 16 years at Forest Laboratories, Inc. and most recently at JDS Pharmaceuticals, where he was a co-founder and Vice President of Business Development. JDS was subsequently acquired by Noven Pharmaceuticals, Inc. in 2007 for $125 million. Mr. Simon has 20 years of pharmaceutical experience, first with Forest Laboratories, Inc. and most recently, as a Vice President at Sepracor Inc., where he worked from 1997 to 2007. During his tenure, Mr. Simon launched and led Sepracor’s largest revenue producing franchise. Joining the management team is Patrick A. Noland, a 30-year veteran of drug development who is an expert in aerosol delivery technology working most recently at ABC Laboratories and Sepracor Inc.

“We believe that AEROSPAN is an exciting opportunity, as it provides Acton with an excellent platform on which to build our organization,” stated Daniel L. Kreisler. “AEROSPAN is the first and only approved HFA inhaled corticosteroid available with an integrated spacer device. With the on-going phase out of CFC inhalers, AEROSPAN has potential to be an important treatment option for patients suffering with asthma.”

David Solomon, Corporate Vice-President Business Development and Strategic Planning at Forest Laboratories, Inc. added, “We are pleased to enter into this agreement with Acton to complete development and commercialization of AEROSPAN. We believe Acton’s extensive experience in the respiratory field, along with its strong management team, will be well suited to bring AEROSPAN to the millions of patients who suffer from asthma.”

Joining Acton’s Board of Directors is Scott Carter who leads healthcare investing for Sequoia Capital in the U.S. “Acton is poised to achieve accelerated growth in the multi-billion dollar asthma market. We are excited to partner with a company that will bring important medicines to patients and healthcare providers that need them the most,” noted Carter.

The in-licensing of AEROSPAN, the management team’s respiratory drug development and commercialization experience, along with the plans to deploy a specialty sales force, makes Acton an ideal partner for companies seeking to develop and launch new products or co-market existing ones in the U.S.