AP Pharma announces financing, appoints new executives

REDWOOD CITY, Calif. — Drug maker AP Pharma has appointed two new executives and may receive financing of up to $4.5 million, the company said Monday.

AP announced the appointment of John Whelan as president, CEO and director, and Michael Adam as SVP and COO.

It also entered into agreements with investors, including Tang Capital Partners, for a private placement of up to $4.5 million in convertible notes. Upon the closing, which is expected to happen Friday, the company will receive $1.5 million. AP plans to put the money toward winning Food and Drug Administration approval for AP530 (granisetron), a drug for treating chemotherapy-induced nausea and vomiting.