Redwood Pharma AB, of Stockholm, completed a SEK6.6 million (US$800,000) private placement to fund development of its lead product candidate, RP101, for the treatment of chronic dry eye disease. The active substance has been successfully tested in two phase II studies and will now be tested in combination with Intelligel, the company's drug delivery system. That technology was obtained through an exclusive, worldwide license from Broda Technologies Co. Ltd., of Shanghai.