InnoPharma Inc. Raises $8 Million in Venture Debt
PISCATAWAY, N.J., June 7, 2012 /PRNewswire/ -- InnoPharma, Inc. today
announced that it has closed on an $8 million growth capital financing
from Comerica Bank and NXT Capital Venture Finance. Proceeds will
provide additional working capital and will support the Company's
ongoing development of niche generic and innovative specialty
pharmaceutical products in injectable and ophthalmic dosage forms.
Armentum Partners acted as strategic advisors to InnoPharma for this
transaction.
Navneet Puri, Ph.D., president & CEO of InnoPharma, commented, "This
loan facility provides InnoPharma with the financial flexibility to
support the Company's continued growth and accelerate advancement of
key products in our development program. We remain focused and
committed to delivering on our goal of providing patients and
prescribers access to cost effective, safe and easy-to-use products
that are, where possible, improved over currently available
presentations."
"InnoPharma has a robust pipeline of unique specialty pharmaceutical
products and the team has made great strides tackling many of the
formulation challenges currently facing drug developers," said Jeff
Chapman, senior vice president at Comerica. Peter Fair, managing
director of NXT Capital Venture Finance added, "InnoPharma's
management team has a unique blend of top-notch drug development
experience coupled with strong business acumen. We are extremely
pleased to provide a flexible financing solution to a company with
such demonstrated talent for producing complicated drugs that service
significant market needs."
About Comerica Bank
Comerica Bank, with 217 banking centers in Michigan, is a subsidiary
of Comerica Incorporated. Comerica made a $17 million investment in
Detroit with the renovation of its building at 411 W. Lafayette, which
has been renamed Comerica Bank Center and is now the bank's Michigan
Market headquarters. Comerica Incorporated (NYSE: CMA) is a financial
services company strategically aligned by three business segments: The
Business Bank, The Retail Bank, and Wealth Management. Comerica
focuses on relationships, and helping people and businesses be
successful. For more information, visit www.comerica.com.
About NXT Capital
NXT Capital Venture Finance is a division of NXT Capital that serves
entrepreneurs by providing less dilutive, more flexible forms of
capital. With offices in Boston and Silicon Valley, NXT Capital
Venture Finance provides senior and subordinated term loans in the $1
million to $20 million range to emerging growth companies backed by
venture capital and private equity firms, particularly those in the
technology and life science sectors. Target clients range from
pre-revenue companies led by dedicated entrepreneurs to late-stage,
proven businesses seeking more efficient growth capital. For more
information, see www.nxtcapital.com/venture-finance.
About InnoPharma, Inc.
InnoPharma is a sterile product development company, focused on
developing niche generic and innovative specialty pharmaceutical
products in injectable and ophthalmic dosage forms. The Company has a
broad portfolio of products under development, with formulations
including solutions, suspension, lyophilized, emulsions, liposomes,
micelles and lipid complexes. InnoPharma's pipeline includes small
molecules with solubility and stability challenges, as well as
difficult to produce and characterize polypeptides and carbohydrates.
The Company has a comprehensive infrastructure for the development of
its products in its state of the art R&D facilities in New Jersey,
with the capability to handle potent and cytotoxic molecules. More
information can be found at www.innopharmainc.com.