SteadyMed Ltd. said it raised about $5 million from the exercise of warrants by an institutional investor.

The investor had received the warrants as part of the first tranche of the company's private placement in the third quarter of 2016.

The company said it was on track to submit a new drug application for Trevyent, a treatment for pulmonary arterial hypertension, in the second quarter of 2017.

The new funding, plus the $30 million raised from a private placement in April, will be used to support the launch of Trevyent in mid-2018.