, Dec. 1, 2011
/PRNewswire/ -- InnoPharma, Inc., a developer of sterile generic and specialty pharmaceutical products, announced that it has completed a $15 million
Series A round of private financing. This financing was led by Thomas, McNerney & Partners.
"We are very pleased that InnoPharma's aggressive and well-managed growth over the last few years has allowed us to attract an outstanding investor, whose expertise and professional network will add tremendous value to InnoPharma," stated Navneet Puri, Ph.D., Founder, President, and Chief Executive Officer of InnoPharma. "The funds raised in this financing will allow us to accelerate the development of our product pipeline and also maximize the value that we offer to our customers and end users."
As a result of the financing, two new members have joined InnoPharma's board of directors: Alex Zisson and James Thomas, both partners at Thomas, McNerney & Partners. The new board of directors will also include Navneet Puri, Raman Kapur, the former CEO of Warrick Pharmaceuticals, and Peter Werth, the CEO of ChemWerth.
"We're very excited to be partnering with InnoPharma. The company's track record of FDA filings, approvals and partnerships is very impressive, and the additional resources will help InnoPharma maximize the true potential of its pipeline," said Alex Zisson.
Ledgemont Capital Group, LLC, served as the company's placement agent, and Lowenstein Sandler PC served as the company's legal counsel. Thomas, McNerney & Partners was represented by Goodwin Procter LLP.
INNOPHARMA is a developer of sterile generic and specialty pharmaceutical products. Through a business model of internal product development and commercialization licensure, INNOPHARMA has a comprehensive infrastructure for development of injectable and ophthalmic pharmaceutical products at its New Jersey facilities. INNOPHARMA works with manufacturing and clinical research organizations worldwide for commercialization of its developed products. More information about INNOPHARMA can be found at www.innopharmallc.com.
About Thomas, McNerney & Partners
Thomas, McNerney & Partners is a health care private equity firm that invests in life science and medical technology companies. Employing a multi-stage investment approach, Thomas, McNerney & Partners has $600 million in assets under management and provides seed and early stage funding to help entrepreneurs launch companies, as well as growth capital to emerging companies for furthering clinical development or for expansion of product commercialization. For more information, please visit: http://www.tm-partners.com/.
SOURCE INNOPHARMA LLC