• A.P. Pharma Inc., of Redwood City, Calif., will raise $4.5 million in convertible notes in a private placement deal with certain investors, including Tang Capital Partners. Upon closing, on or about April 29, an intial amount of $1.5 million will be funded. Proceeds will be used to support the goal of resubmitting a new drug application for APF530. Under the terms, the $4.5 million convertible notes will have a 10-year term and will be convertible to A.P. Pharma common stock at a rate of 25,000 shares for every $1,000 in principle. In other news, A.P. Pharma said it met with the FDA March 31 to discuss a complete response letter regarding its new drug application for APF530 for chemotherapy-induced nausea and vomiting. Based on those discussions, it expects to resubmit a new drug application in the first half of 2012. The discussion topics included dosing system, clarification of assays for manufacture and quality control, and a QT/metabolism clinical study.