MonoSol Rx Closes $50 Million Credit Facility with Perceptive Advisors
WARREN, N.J., Aug. 17, 2016 (GLOBE NEWSWIRE) -- MonoSol Rx, a specialty pharmaceutical company leveraging its PharmFilm® drug delivery technology to improve patient outcomes and to address unmet needs, today announced the closing of a $50 million credit facility with Perceptive Advisors. The proceeds from the credit facility will be used to repay an existing debt facility with White Oak Global Advisors and to advance the Company’s clinical-stage drug candidates, including exciting prospects in its CNS portfolio.
“Securing a sizeable credit facility with a leading global life sciences fund such as Perceptive Advisors is a significant accomplishment for MonoSol Rx and provides an important validation for the Company and our PharmFilm® technology platform,” said Keith Kendall, CEO of MonoSol Rx. “This credit facility will allow us to repay our outstanding debt to White Oak and provide us with important working capital as we continue to advance our broad pipeline of PharmFilm® based clinical-stage assets. We are grateful to White Oak for their financial support over the last eight years, and look forward to having Perceptive Advisors as our new financing partner.”
“MonoSol Rx represents a unique opportunity in the specialty pharmaceutical space. With their proprietary PharmFilm® technology, they have built a robust portfolio of commercial products and promising clinical candidates,” added Sam Chawla, Portfolio Manager at Perceptive Advisors. “We are pleased to support MonoSol Rx with its financing needs and look forward to participating in the Company’s future success.”
Perceptive Advisors is focused on supporting the progress of the life sciences industry by identifying opportunities and directing financial resources to the most promising technologies in healthcare.
About MonoSol Rx
MonoSol Rx is a specialty pharmaceutical company leveraging its proprietary PharmFilm® drug delivery technology to develop products that improve patient outcomes and address unmet needs. PharmFilm® can benefit patients by improving the efficacy, safety, and convenience of pharmaceutical and over-the counter products. MonoSol Rx's leadership in film drug delivery is supported by strong IP protection, a robust pipeline of prescription drug formulations, and two FDA-approved products — Suboxone® (buprenorphine and naloxone) sublingual film and Zuplenz® (ondansetron) oral soluble film. For more information, please visit www.monosolrx.com.
Contact MonoSol Rx Jessica Patel jpatel@monosolrx.com The Ruth Group Lee Roth lroth@theruthgroup.com (646) 536-7012
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