Iroko Pharmaceuticals Secures Debt Financing From CRG
PHILADELPHIA, June 29, 2016 /PRNewswire/ -- Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company dedicated to advancing the science of analgesia, announced today that the company has entered into a $140 million debt facility agreement with CRG LP to retire an existing debt facility and provide additional working capital for the company.
"We are very pleased to enter into this agreement with CRG, an investment partner known for its strategic investments in healthcare," said Osagie Imasogie, Executive Chairman and CEO of Iroko. "This financing will assist us in fulfilling our mission of making available Iroko's low-dose SoluMatrix® NSAIDs to the many patients around the world who seek pain medications that have been shown to provide effective pain relief. We provide these medications specifically to align with FDA and other regulatory and professional medical organization recommendations to use NSAIDs at the lowest effective dosage for the shortest duration consistent with patient treatment goals."
"We believe that Iroko's portfolio of low-dose SoluMatrix® NSAIDs provide important treatment options for analgesia while potentially minimizing the dose-related risks of serious adverse events associated with NSAIDs," said Nate Hukill, President, of CRG. "We are excited to partner with Iroko whose innovative products offer important treatment options to patients suffering from acute or chronic (osteoarthritis) pain."
Cantor Fitzgerald acted as the exclusive financial advisor to Iroko in this transaction.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with over $2 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $300 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives. CRG is headquartered in Houston, Texas with offices in Boulder, Colorado and New York City. For additional information, please visit www.crglp.com
About Iroko Pharmaceuticals, LLC
Iroko is a global specialty pharmaceutical company, based in Philadelphia, dedicated to advancing the science of analgesia. The company develops and globally commercializes pharmaceutical products. Iroko is at the forefront of the development of SoluMatrix® NSAIDs new low-dose drug products based on existing NSAIDs using iCeutica Inc.'s proprietary SoluMatrix Fine Particle Technology exclusively licensed to Iroko for NSAIDs. For more information, visit www.iroko.com.
Caitlin Finnegan for Iroko Pharmaceuticals, LLC, 212-303-2321
Meg Kramer, Iroko Pharmaceuticals, LLC, 267-546-1656
Kate de Santis, Iroko Pharmaceuticals, LLC, 267-546-1682
SoluMatrix Fine Particle Technology is a trademark of iCeutica Inc., and the technology is licensed to Iroko for exclusive use in NSAIDs.
SoluMatrix® is a trademark of iCeutica Pty Ltd and is licensed to Iroko.
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SOURCE Iroko Pharmaceuticals, LLC