Published: Thursday, Dec. 20, 2012
Nuron Biotech Raises $80 Million from HealthCare Royalty Partners
EXTON, Pa. --
Nuron Biotech, Inc., a specialty biologics and vaccines company, today announced the closing of an $80 million financing provided by new investor HealthCare Royalty Partners II, LP ("HC Royalty"). The financing included a $30 million equity investment and a $50 million Synthetic Royalty® agreement tied to future sales of Meningitec™, HibTITER® and the company's other products, including NU100. Proceeds will support the commercialization and expansion of Meningitec™, recently acquired from Pfizer Inc., an established commercial vaccine for the prevention of invasive disease caused by Neisseria meningitidis serogroup C. In addition, proceeds will be used to support the clinical development of the company's novel biologics and vaccines for infectious and neurodegenerative diseases, including HibTITER® and NU100, a multiple sclerosis treatment.
"Nuron appreciates this significant level of commitment from HC Royalty, which validates the recognized market opportunity for our branded products and candidates in development," said Shankar Musunuri, Ph.D., MBA, Chief Executive Officer and Founder of Nuron Biotech. "The successful closing of this transaction provides us the capital needed to execute our Meningitec commercial plan and reach key milestones in advancing our pipeline and in providing new treatment options for patients around the world."
"It is unique to find an emerging specialty pharmaceutical company that has near-term access to revenues from well-established commercial products as well as tremendous upside from a promising pipeline of novel drug candidates in treating serious diseases," commented Gregory B. Brown, M.D., Founding Managing Director of HC Royalty. "We are confident that Nuron can build the infrastructure to expand Meningitec's market in Europe while capitalizing on new markets with unvaccinated and under-vaccinated populations. In the company's pipeline, lead candidate NU100, for example, is a proprietary human interferon beta-1b, which is in a Phase 3 clinical trial for multiple sclerosis, and may improve long-term clinical efficacy, tolerability and safety for patients currently requiring therapy with interferon."
JMP Securities LLC acted as the exclusive placement agent to Nuron Biotech for this financing.
About Nuron Biotech
Nuron Biotech is developing novel biologics and vaccines for the prevention and treatment of neurodegenerative and infectious diseases. Its team of industry veterans is committed to advancing products that meet unmet medical needs for patients around the globe. Nuron Biotech's lead drug candidate, NU100 (interferon beta-1b), is a new chemical entity currently in Phase 3 for patients with multiple sclerosis. Nuron's vaccine brands include Meningitec™ and HibTITER®. www.nuronbiotech.com.
About HealthCare Royalty Partners
HealthCare Royalty Partners is a global healthcare investment firm focused on providing financing solutions to healthcare companies and royalty owners with interests in approved pharmaceutical and medical device products. The firm's senior investment team has participated in 40 royalty financings valued at $2 billion over the past decade. For more information, visit www.healthcareroyalty.com/.
Synthetic Royalty® is a registered trademark of HealthCare Royalty Management, LLC.