SADDLE BROOK, NJ – Intranasal Therapeutics Inc., which makes nasally-delivered drug products, has raised a $9 million second round and has changed its name to Ikano Therapeutics. The company was formerly headquarted in Lexington,KY.

Investors in the round include SV Life Sciences, Burrill & Co., Tullis-Dickerson, Fidelity Biosciences, ApjohnVentures, Fort Washington Capital, Commonwealth Seed Capital, and Kentucky Co-Investment Partners.

The company has raised a total of $18 million in two rounds.

It said its name change better aligns with its refocused corporate stategy.

The round closed after ITI’s announcement in December 2008 that it had completed a successful End-of-Phase 2 meeting with the FDA that would allow its midazolam nasal product, ITI-111, to begin Phase 3 trials.

The treatment is being tested for control of intermittent bouts of increased seizure activity in patients with epilepsy, as a practical alternative for outpatient use, within the next few months.

Peter Young, president and CEO, said, “ITI has refocused its corporate strategy from a narrow concentration on intranasally delivered medicines to a more diversified emphasis on high-impact specialty therapeutic products.

“The name “Ikano” is drawn loosely from the Greek for “enable” and aligns with our goal of applying our specialty pharmaceutical development expertise in areas where we can provide well differentiated, high value products that improve patient care in meaningful ways, rather than limiting ourselves to being a nasal delivery platform company.”

The company said it has appointed Michael Ross, Ph.D, managing partner of SV Life Sciences, it’s largest investor, to its board.

Online: Ikanotherapeutics.com

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