DUBLIN, August 7 /PRNewswire/ -- Azur Pharma Limited (“Azur”) today announced it has successfully completed a private placement of ordinary shares for US$48 million (EUR35 million). The new share issuance represents 28% of Azur’s outstanding share capital. The private placement was arranged through Davy Corporate Finance Limited.
Mr. Seamus Mulligan, Chairman and Chief Executive of Azur, stated “We are pleased to announce the successful completion of our offering and the closing of the acquisition of FazaClo(R). The offering leaves us with strong cash resources after funding the acquisition. We have now raised in excess of US$100 million of equity since our formation in mid 2005.”
Mr. Mulligan further commented, “We have made good progress in growing our business since we founded the company two years ago. FazaClo is our third acquisition having previously purchased Gastrocrom and Pharmelle in January 2006 and February 2007, respectively. We have established a full commercial infrastructure in the United States with growing revenues and 90 sales representatives covering CNS and urology/women’s health. The offering provides us with the cash resources to acquire further products and pipeline assets.”
About Azur
Azur is a privately held pharmaceutical company dedicated to enhancing patients’ lives by developing and marketing pharmaceutical products in specialist therapeutic areas. Azur’s strategy is to identify, evaluate, selectively acquire and enhance the value of late stage development and approved pharmaceutical products. (Website: http://www.azurpharma.com)
Azur Pharma Limited
CONTACT: Media Contact: Mr. Ray Gordon, MRPA Kinman Communications,Telephone: +353-1-7038619/+353-87-2417373, E-mail: ray@mrpakinman.ie
