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.
SOURCE InnoPharma, Inc.