Castle Creek Pharmaceuticals Raises $48 Million in Funding from Fidelity Investments

High-growth biopharmaceutical company plans to aggressively complete
development of its late-stage clinical pipeline targeting important
dermatologic and head and neck conditions

Creek Pharmaceuticals
, a rapidly growing biopharmaceutical company
with a focus on the treatment of patients with rare and debilitating
dermatologic and head and neck conditions, today announced it has raised
$48 million in funding from Fidelity Management and Research Company.
Castle Creek will use the funds to complete development of its
late-stage clinical pipeline, including its lead program for the
treatment of patients with epidermolysis bullosa simplex, which will be
starting a clinical registration trial in the fourth quarter of this

Castle Creek was founded by Michael Derby and Jeffrey Aronin, two
experienced pharmaceutical entrepreneurs. Derby, who serves as CEO,
previously founded Norphan Pharmaceuticals, which was sold to Marathon
Pharmaceuticals in 2013. Castle Creek Chairman Aronin is the CEO of
Marathon, and he was previously the founder and CEO of Ovation
Pharmaceuticals, which was sold to Lundbeck in 2009. Castle Creek has
rapidly assembled a robust and diversified late-stage pipeline of
innovative and high-potential products in the specialty dermatology and
ear, nose and throat (ENT) space, with a particular focus on rare
diseases and other areas of high medical need.

“We leverage high-quality scientific data to develop important products
that can make a real impact on patients’ lives,” said Derby. “Our
products have established clinical proof-of-concept and are entering the
final stages of development for serious diseases, where few or no
treatment options exist today.”

“Led by a top-tier management team with extensive experience, Castle
Creek has created a strong pipeline of high-potential drug candidates
that target serious diseases,” said Michael Levy, Managing Partner of
Octagon Capital Group. “Castle Creek’s product portfolio has the
potential to enter the market within 2-3 years, addressing unmet needs
of patients facing a range of debilitating conditions, and enabling the
company to establish a strong position in its core sectors.”

Octagon Capital Group serves as the investment banker to Castle Creek
and advised Castle Creek in connection with this transaction.

Yesterday, the company announced the presentation of final
results from a Phase 2 study
evaluating the efficacy and safety of
topical diacerein 1%, an inhibitor of interleukin-1β (IL-1β), compared
with placebo in patients with Epidermolysis Bullosa Simplex (EBS).

For more information, visit:

About Castle Creek Pharmaceuticals
Castle Creek Pharma is a
high-growth biopharmaceutical company that has rapidly assembled a
robust and diversified late-stage pipeline of products backed by strong
science and focused on meeting patient needs in the treatment of rare
and debilitating dermatologic and head and neck conditions.

| Castle
Creek Pharmaceuticals

About Octagon Capital Group
Octagon Capital Group, LLC is a
merchant banking firm that combines top-tier investment banking with an
intense focus on building shareholder value. Bringing extensive
transactional and tactical expertise, Octagon specializes in M&A, equity
and debt financings for public and private companies with significant
potential for value creation. Member FINRA, SIPC.

| Octagon
Capital Group


for Castle Creek Pharmaceuticals
Brenda Patterson, 440-623-9581