PISCATAWAY, NJ, Nov. 13, 2013 (GLOBE NEWSWIRE) -- InnoPharma, Inc. today announced that it has closed on a $20 million term loan facility, provided by Athyrium Capital Management through its Athyrium Opportunities Fund. Proceeds will support the Company's ongoing development of complex generic and innovative specialty pharmaceutical products in injectable and ophthalmic dosage forms. Armentum Partners acted as financial advisors to InnoPharma for this transaction.
Navneet Puri, Ph.D., president & CEO of InnoPharma, commented, "This new financing will enhance InnoPharma's ability to continue to grow and expand our product portfolio by providing greater financial flexibility. Athyrium's understanding of our business and focus on long-term results makes them an excellent strategic fit for InnoPharma."
"We are thrilled to help fuel InnoPharma's ongoing growth with long-term, minimally dilutive capital," said Laurent Hermouet, a partner at Athyrium Capital. "A strong track record of value creation and a rapidly maturing product portfolio made partnering with InnoPharma a compelling proposition."
About InnoPharma, Inc.
InnoPharma is a sterile product development company, focused on developing complex 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.
About Athyrium Capital Management
Athyrium Capital Management, LLC is an asset management company formed in 2008 to focus on investment opportunities in the global healthcare sector. Athyrium invests across all healthcare verticals including biopharma, medical devices and products, and healthcare services and partners with management teams to implement creative financing solutions to companies' capital needs. The Athyrium team has substantial investment experience in the healthcare sector across a wide range of asset classes, including public equity, private equity, fixed income, royalties, and other structured securities. Athyrium has over $600 million under management as of September 30, 2013. The firm's investors include public and corporate pension funds, charitable endowments, insurance companies, funds-of-funds, family offices, and university endowments. For more information, please visit www.athyrium.com.
This press release contains "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and involve risks and uncertainties, some of which are outside management's control, which may cause results to differ materially from those set forth in the statements. The forward-looking statements may include statements regarding product development, product potential, or financial performance. These risks, trends and uncertainties are in some instances beyond our control. Words such as "anticipate," "believe," "estimate," "expect," "intend," "plan," "will" and other similar expressions identify forward-looking statements, although not all forward-looking statements contain these identifying words. InnoPharma, Inc. undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events, or otherwise.
John C. Deighan, CFO