MonoSolRx LLC Closes $38 Million Preferred Equity Investment
Published: Dec 13, 2006
WARREN, N.J. and PORTAGE, Ind., Dec. 13 /PRNewswire/ -- MonoSolRx LLC announced today that it closed a substantial preferred equity funding. The investment was oversubscribed and generated net cash proceeds to the company in excess of $38 million. Mark Schobel, the Company's President and CEO commented: "This funding has strengthened our balance sheet. It will allow us to fund our continuing product development activities, make capital expenditures for additional manufacturing capabilities and provides for working capital to aggressively execute on our business plan. The fact that this funding was led by the Edward P. Bass group, with participatory funding from existing and new investors, is a credit to our strategy, intellectual property, competitive strengths and seasoned management team."
Mr. Schobel continued: "Our primary strategic objective is to deliver high value prescription and OTC drug targets using our proprietary thin film drug delivery technology. MonoSolRx plans to aggressively pursue global regulatory submissions alone or in conjunction with a pharmaceutical partner having strong sales and marketing expertise. To date the implementation of our core strategy has yielded tremendous interest from pharmaceutical companies who are seeking unique drug delivery technologies to create additional patient/physician value in the categories that they compete."
The Company has elected to use $20 million in proceeds from the offering to pay off existing indebtedness. Keith Kendall, the Company's CFO commented: "The Company is now debt free and focused on continuing the development and commercialization of its thin film drug delivery targets."
About MonoSolRx LLC (http://www.monosolrx.com). MonoSolRx is a leading drug delivery company that uses film as a fast-dissolve oral drug delivery platform. MonoSolRx's corporate offices are located in Warren, New Jersey and its manufacturing facility is located in Portage, Indiana. MonoSolRx previously acquired substantially all of the assets of Kosmos Pharma, including its extensive oral film intellectual property portfolio. MonoSolRx's film oral dosage form looks like a postage stamp and dissolves readily on the tongue to deliver drugs to a patient, replacing the use of conventional tablets and capsules. MonoSolRx currently markets a variety of products together with its marketing partners.
In addition to historical facts or statements of current condition, this press release may contain forward-looking statements. Forward-looking statements provide MonoSolRx's current expectations or forecasts of future events. These may include statements regarding the expected filing date of the sNDA and ANDA drug submissions for various products and the related anticipated date of FDA approvals, anticipated scientific progress on MonoSolRx's research programs, development of potential pharmaceutical products, interpretation of clinical results, prospects for regulatory approval, manufacturing development and capabilities, market prospects for the company's products or product candidates, sales and earnings guidance, and other statements regarding matters that are not historical facts. You may identify some of these forward-looking statements by the use of words in the statements such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe" or other words and terms of similar meaning. MonoSolRx's performance and financial results could differ materially from those reflected in these forward-looking statements due to general financial, economic, regulatory and political conditions affecting the biotechnology and pharmaceutical industries as well as more specific risks and uncertainties facing MonoSolRx. Given these risks and uncertainties, any or all of these forward-looking statements may prove to be incorrect. Therefore, you should not rely on any such factors or forward-looking statements. Furthermore, MonoSolRx does not intend to update publicly any forward-looking statement, except as required by law. The Private Securities Litigation Reform Act of 1995 permits this discussion.MonoSolRx LLC
CONTACT: Press Inquiries: A. Mark Schobel, +1-732-564-5000,firstname.lastname@example.org, or Business Development Inquiries: Joseph M. Fuisz,+1-202-669-5097, email@example.com, both of MonoSolRx, LLC
Web site: http://www.monosolrx.com/