Jaguar Health, Inc. is a US-based company focused on developing and commercializing proprietary plant-based human gastrointestinal pharmaceuticals from plants harvested responsibly from rainforest areas. Chief among these pharmaceuticals is Jaguar’s novel proprietary drug, crofelemer, which is approved in the U.S. for the symptomatic relief of noninfectious diarrhea in adult patients with HIV/AIDS on antiretroviral therapy.
On March 12th, 2021, Jaguar Health’s wholly-owned U.S. subsidiary, Napo Pharmaceuticals, established its own wholly-owned subsidiary, Napo EU, in Milan, Italy with the mission to expand access to crofelemer in Europe (excluding Russia) to address significant unmet gastrointestinal medical needs.
Napo EU is the named target of Italy-based Dragon SPAC. The financing of Dragon SPAC recently closed, with gross proceeds of approximately 8,830,000 euros. Following the planned merger of Napo EU and Dragon SPAC, funds from the closing will be used for hiring Milan based highly-skilled employees in R&D and sales, and pursuing conditional marketing authorization in the EU for an important orphan indication: Short bowel syndrome with intestinal failure (SBS-IF). SBS-IF is a complex condition characterized by severe malabsorption of fluids and nutrients due to surgical resection of substantial lengths of bowel segments, congenital anomalies, or disease-associated loss of absorption.
Napo EU is in the process of recruiting executives and has started location scouting for its Milan office.
Support Provided by Invest In Italy
The “Invest In Italy” team that involves the Italian Trade Agency and its office in San Francisco, California, in collaboration with the local investment agency Milano & Partners, supported Jaguar Health and Napo Pharmaceuticals throughout the process of establishing Napo EU in Milan, and with regard to the anticipated merger of Napo EU and Dragon SPAC. Further support is being provided for location scouting, hiring, and engagement with the local financial community.
Aim of the Investment
Jaguar Health aims to capitalize on its new presence in Italy to support the regulatory approval process for crofelemer with the European Medicines Agency, clinical trials, and distribution in line with its mission to expand access to crofelemer in Europe (excluding Russia), and to help improve the quality of life for patients with SBS-IF around the world.
Jaguar Health previously received orphan‑drug status in the U.S. for crofelemer from the Office of Orphan Products Development of the U.S. Food and Drug Administration for a potential future SBS indication in adult and/or pediatric patients. Napo Pharmaceuticals intends to simultaneously pursue regulatory approval of crofelemer in the U.S. for SBS.