Corsair Pharma

What Corsair Pharma does

Corsair Pharma is a clinical-stage biopharmaceutical company developing a single investigational product, the TRX-248 Transdermal System, for the treatment of pulmonary arterial hypertension (PAH). Founded in 2014 and headquartered in Newark, California, the company operates with 11–50 employees and is venture-backed, having raised $23 million in a September 2023 Series B led by New Rhein Healthcare Investors. Its sole focus is advancing TRX-248 through clinical development toward FDA approval via the 505(b)(2) regulatory pathway, which leverages existing safety and efficacy data on the approved treprostinil molecule.

The TRX-248 Transdermal System is a once-daily, needle-free transdermal patch that delivers a proprietary inactive prodrug of treprostinil. The prodrug is designed to cross the skin and be converted to active treprostinil by the liver, providing steady and continuous blood levels over a 24-hour wear period with low peak-to-trough fluctuation. The architecture is intended to address the significant treatment burden of existing treprostinil delivery options — subcutaneous and intravenous infusion pumps, inhalation devices, and oral formulations — by offering a passive, non-invasive patch with the potential for improved skin tolerability, demonstrated dose proportionality across patch sizes, and ease of titration. In June 2026, the company reported positive Phase 1 results in nine healthy volunteers, supporting continued clinical advancement.

As a pre-revenue company, Corsair has not yet established pricing or commercial revenue. Its target end market is PAH patients in the United States, where approximately 45,000 patients are currently under treatment and where the broader prostacyclin market is estimated at approximately $3.3 billion annually (with treprostinil accounting for roughly $2 billion). Upon FDA approval, the company plans to distribute TRX-248 through specialty pharmacy networks and PAH-treating healthcare providers. Leadership includes CEO George W. Mahaffey (who previously launched Ventavis, the first FDA-approved inhaled prostacyclin for PAH), President and COO Bobby Singh, Ph.D., and Chairman Ivan Gergel, M.D. (Managing Partner at New Rhein Healthcare Investors).

Name

Corsair Pharma

Legal name

Corsair Pharma, Inc.

Website

https://corsairpharma.com

Company type

Private

Founded year

2014

Operating status

Operating

Headcount range

11–50 employees

Short description

Corsair Pharma is a clinical-stage biopharmaceutical company developing the TRX-248 Transdermal System, a once-daily needle-free transdermal patch delivering a proprietary treprostinil prodrug for pulmonary arterial hypertension patients in the United States.

Ownership category

akta.pro rank

Product category

Specialty Pharmaceuticals (Pulmonary Arterial Hypertension Therapeutics)

NAICS

Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834)

akta.pro primary industry

Nephrology & Urology Specialty Pharmaceuticals (HLAIACAH)

Keywords

• Transdermal drug delivery
• Pulmonary arterial hypertension
• Treprostinil therapy
• Prodrug pharmaceuticals
• Biopharmaceutical drug development

Headquarters

HQ city

Sunnyvale

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Supply Chain

Revenue model

1. Pharmaceutical Product Revenue: Pre-revenue clinical-stage biopharmaceutical company. Plans to generate revenue through commercialization of TRX-248 Transdermal System upon FDA approval. Pursuing 505(b)(2) regulatory pathway for streamlined development of new version of approved drug.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

Corsair Pharma is developing the TRX-248 Transdermal System, an investigational once-daily transdermal patch that delivers a proprietary treprostinil prodrug for the treatment of pulmonary arterial hypertension (PAH). The prodrug is absorbed through the skin and converted to active treprostinil in the liver, providing steady and continuous 24-hour drug exposure with needle-free, pump-free, and inhalation-free administration. The product is pursuing the 505(b)(2) regulatory pathway and is currently in Phase 1 clinical development.

Product overview

Corsair Pharma is a clinical-stage biopharmaceutical company developing a single lead product: the TRX-248 Transdermal System. This is an investigational once-daily transdermal patch for pulmonary arterial hypertension (PAH) that delivers a proprietary treprostinil prodrug. The product is designed to provide needle-free, convenient delivery of treprostinil with steady and continuous 24-hour drug exposure, addressing the treatment burden of existing PAH therapies. The company is pursuing a 505(b)(2) regulatory pathway.

Differentiator

Problem solved

Functional benefit

Products and services

• TRX-248 Transdermal System Corsair Pharma's lead investigational product candidate: a once-daily, needle-free transdermal patch delivering a proprietary treprostinil prodrug (TRX-248) for pulmonary arterial hypertension (PAH). The patch delivers an inactive prodrug that crosses the skin and is converted to active treprostinil in the liver, providing steady and continuous 24-hour drug exposure without needles, pumps, or inhalation devices. Currently in Phase 1 clinical development.

Segments1 record

Ideal customer profiles1 record

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Scale indicators3 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• United Therapeutics: Markets the dominant treprostinil franchise (Remodulin, Tyvaso, Orenitram) plus other PAH therapies (Adcirca/Tadalafil). Directly comparable as a PAH-focused company built around prostacyclin and treprostinil delivery, and the principal competitor that TRX-248 would challenge.
• Liquidia Technologies: Develops inhaled treprostinil (YUTREPIA) for PAH and PH-ILD using PRINT particle engineering. Highly comparable as a late-stage company developing an improved treprostinil delivery alternative for the same PAH population.

Emerging players

• Aerovate Therapeutics: Clinical-stage company developing inhaled imatinib for PAH. Comparable as a small, focused PAH drug-delivery company pursuing a differentiated route of administration in the same patient population.
• Gossamer Bio: Clinical-stage company with a PAH pipeline asset (seralutinib) targeting the same underserved prostacyclin-treated PAH population. Comparable as a small-cap, indication-focused PAH biopharma pursuing specialty-prescriber channels.
• PharmaTher Holdings: Specialty pharmaceutical company developing novel formulations of approved molecules (e.g., ketamine, tesofensine) using 505(b)(2)-style strategies. Comparable as a small clinical-stage company pursuing 505(b)(2) repurposing of an established drug.
• Altavant Sciences: Clinical-stage biopharma developing therapies for rare respiratory diseases including PAH (rodatristat, nesolicaftor). Comparable as a small, indication-focused biopharma developing differentiated therapies for the PAH specialist channel.

Broad incumbents

• Insmed: Diversified biopharma with a branded inhaled therapy (Arikayce) that uses novel inhaled drug delivery. Comparable as an established mid-cap player in specialty/rare-disease drug delivery with experience in novel routes of administration.
• MannKind Corporation: Commercializes Afrezza inhaled insulin and other Technosphere-formulated therapies; broad expertise in inhaled and alternative drug delivery. Comparable as a specialty pharma company with proprietary drug-delivery platform capabilities.
• Noven Pharmaceuticals: Specialist in transdermal drug delivery with a portfolio of approved patch products (e.g., Vivelle-Dot, Minivelle). Comparable as a focused transdermal delivery company whose expertise and product formats closely mirror Corsair's core technical platform.
• Teva Pharmaceutical Industries: Sells generic treprostinil injection products and operates a broad specialty/generic franchise. Comparable as a generic treprostinil competitor that sets pricing pressure on any new branded treprostinil delivery.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat3 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/corsairpharma

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Funding overview

Funding rounds1 record

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Corsair Pharma