BANNOCKBURN, Ill., Jan. 9, 2012 /PRNewswire/ -- Led by NUMODA CAPITAL INNOVATIONS, LLC., PINNACLE BIOLOGICS announced today the succesful completion of a financing round, in a combination of Equity, and Debt Conversion.
"Today's announcement represents another major milestone for Pinnacle Biologics. After completing the acquisition of the Global Photo Dynamic Therapy ("PDT") Business from Aptalis Pharma early last year, Pinnacle continues the process of solidifying its presence in the US Oncology Field, for particularly aggressive forms of cancer, expanding its presence in Europe and emerging markets, and completing the clinical work toward supporting regulatory and clinical development of new indications for PDT globally," said Guillermo Herrera, Executive Chairman and CEO of Pinnacle. In addition, the company remains focused on targeting the acquisition of other specialty pharmaceutical revenue generating products to further accelerate growth and supplement the existing business.
"Pinnacle exemplifies a new model of bio-pharmaceutical companies, with proven management, demonstrated ability to execute, and products with clear upside potential due to expansion of use in existing indications, potential for expansion into new and exciting indications in unmet clinical areas, and global expansion beyond the US and Western European markets," said Patrick Keenan, Chief Counsel and Strategist of Numoda Capital Innovations.
"The proceeds from this financing round coupled with the positive cash flows already generated by the company will be used to support Phase 3 Clinical Trials in cholangiocarcinoma, laryngeal tracheal cancer, and mesothelioma, plus the enhancement of commercial activities to optimize revenue in the current businesses of the company," said Gary Parks CFO of Pinnacle.
ABOUT PINNACLE BIOLOGICS:
Pinnacle Biologics specializes in revitalizing healthcare therapies to fulfill their true potential and to maximize favorable patient outcomes. This is accomplished through licensing and acquisition of specialty pharmaceuticals and medical devices. Our innovative approach to opportunity analysis, business development, lifecycle management, regulatory expertise and distribution leverage takes each product to its highest degree of potential and maximum patient benefit.
FORWARD LOOKING STATEMENT
Except for historical information contained herein, there are forward-looking statements contained herein, which can be identified by the use of forward-looking terminology such as the words "believes," "expects," "may," "will," "should", "potential," "anticipates," "plans" or "intends" and similar expressions. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results, events or developments to be materially different from the future results, events or developments indicated in such forward-looking statements. These factors should be considered carefully and readers are cautioned not to place undue reliance on such forward-looking statements. No assurance can be given that the future results covered by the forward-looking statements will be achieved.
Pinnacle Biologics, Inc.
2801 Lakeside Dr - Suite 209
Bannockburn, IL 60015
SOURCE Pinnacle Biologics, Inc.