Heritage Announces $10 Million Financing
LONDON and EDISON, N.J., April 15 -- Heritage PharmaÂ and its wholly owned subsidiary, Heritage Pharmaceuticals Inc. (collectively "Heritage"), announced today the Company has consummated the private placement of Series A Preferred shares lead by Oklahoma City, Oklahoma-based venture capital investors McClendon Venture Company, LLC and TLW Venture Company, LLC for gross proceeds of $10 million prior to fees and expenses. The proceeds will be utilized to finance North America and India product development costs, to establish a research and development facility and for other general corporate purposes.
Commenting on the agreement, Heritage President & CEO, Jeffrey Glazer, stated, "We are very excited to complete this new round of financing. The Company is at a turning point and the infusion of capital will enable us to execute additional global growth strategies that will take Heritage to the next level. Establishment of our own R&D center will provide Heritage with an added level of integration in order to continue growing our generic product pipeline and commercial portfolio. We look forward to adding new product launches this year from our existing portfolio while accelerating our future growth."
Heritage Pharmaceuticals Inc. is a rapidly emerging generic pharmaceutical company engaged in the acquisition, licensing, development, marketing, sale and distribution of generic pharmaceutical products for the global prescription drug markets. Heritage has established itself as a competitor in the generic pharmaceutical industry by initially targeting niche products with revenues that are generally too small to command the resources and attention of major market participants. Heritage launched its U.S. label in 2006 and currently markets 5 products over 17 SKU's, including Ethambutol oral tablets, Hydralazine oral tablets, Hydrochlorothiazide oral tablets, Sulindac oral tablets and Nimodipine soft gel capsules. The Company's business model utilizes strategic outsourcing to U.S.F.D.A. qualified manufacturing and develop organizations in both North America and Asia. The Company will continue to introduce its new generic products during 2008 following its tradition of premier quality, value and service in generics. www.heritagepharma.com