Company raises $41 million to support investments in 2019 capacity amid accelerating demand; cements itself as a national leader with near term path to 240,000 sq. ft. of production capacity
-- Company raises $41 million to support investments in 2019 capacity amid accelerating demand; cements itself as a national leader with near term path to 240,000 sq. ft. of production capacity --
SUGAR LAND, Texas, July 24, 2018 /PRNewswire/ -- QuVa Pharma, Inc. today announced it has raised additional debt funding of up to $41 million to support business growth initiatives impacting 2019. The new Term Loan is funded jointly by Silicon Valley Bank and Oxford Finance LLC. With this additional capital infusion, total capital invested will exceed $200 million.
“We continue to experience significant business growth as hospital customers in all states embrace the quality proposition and consistency of supply that we bring to the 503B industry,” said Stuart Hinchen, QuVa Pharma’s co-founder and Chief Executive Officer. “This additional funding is aimed at anticipated capacity needs through 2019. In first half 2018, we significantly expanded operations in both the Texas and New Jersey facilities. Our workforce is already in excess of 500 employees across three production facilities, and we are successfully progressing towards our near term goal of having 240,000 sq.ft. of state of the art cGMP compliant 503B registered manufacturing capacity. All of this will further strengthen our ability to service customers coast to coast with a broad portfolio of compounded products.”
“Bain Capital, along with our other partner shareholders, is pleased to see the expanded commitment of Silicon Valley Bank and to have gained the support of Oxford Finance, two leaders in the financing of growth companies. We are all proud to be part of the mission to ensure patient access to safe drugs, and during this time of enormous expansion we are committed to supporting our accomplished management team as they further QuVa’s industry leadership,” said Andrew Kaplan, a Principal of Bain Capital Private Equity.
Peter Jenkins, co-founder and Chief Development Officer, added, “After prioritizing for nearly three years deep and extensive investments in our team, validation procedures, quality systems and scale capacity in our facilities, we are pleased to see QuVa Pharma emerge as the clear 503B industry leader. We believe we are both setting and raising the industry standard, ensuring reliable patient access to a broad portfolio of safe drugs having established the leading 503B platform with full national coverage for sterile medications sourced from both FDA approved pharmaceutical products or active pharmaceutical ingredients as starting material. This gives us unrivalled capability and operational capacity to service customers including in times of drug shortage.”
QuVa Pharma is the market leader in quality compliant compounded sterile products with all existing facilities in Sugar Land and Temple, Texas, and Bloomsbury, New Jersey in excellent standing with the FDA and all state regulatory boards of pharmacy. QuVa Pharma is licensed to supply compounded preparations into all 50 states and has a comprehensive range of vial sourced products as well as drug shortage product from bulk drug substance.
For product ordering inquiries please contact QuVa Pharma Customer Service at 888.339.0874 or via email
Customer.Service@QuVaPharma.com.
About QuVa Pharma, Inc.
QuVa Pharma is a nationally recognized company emerging as the leading industry 503B platform and partner of choice for compliance-oriented healthcare facilities looking to ensure a quality, safe and consistent supply of medications. The Company offers a broad portfolio of products across Pain Management, Anti-infective, OR Syringes, Labor and Delivery therapeutic areas amongst others, all of which are released only once sterility and potency testing is successfully complete, and with validation supporting appropriate BUD. The company is committed to having a patient-first orientation, as well as a robust product portfolio, leading safety standards, and collaborative, partnership-oriented customer service. For more information, visit www.quvapharma.com.
About Silicon Valley Bank
For 35 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at svb.com.
About Oxford Finance LLC
Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $4 billion in loans, with lines of credit ranging from $5 million to $100 million. Oxford is headquartered in Alexandria, Va., with additional offices in San Diego, Calif.; Palo Alto, Calif.; and the greater Boston and New York City areas. For more information, visit oxfordfinance.com.
About Bain Capital Private Equity
Bain Capital, LLC (www.baincapital.com) is one of the world’s foremost private investment firms, with more than $75 billion under management across several asset classes including private equity, venture capital, public equity, credit products and absolute return. Founded in 1984, Bain Capital’s more than 400 professionals are collectively the single largest investor in all of its funds and are dedicated to investing in and building its portfolio companies. Bain Capital Private Equity has a long history of investing in leading healthcare companies such as HCA, Quintiles, Warner Chilcott, Emcure Pharmaceuticals, Bio Products Laboratory, Beacon Health Options, Physio-Control, CRC Health, Grupo Notre Dame Intermedica, and Air Medical Group Holdings, and across a broad range of sectors including service providers, facilities, life sciences, devices, and distribution.
Contact: Peter Jenkins, peter.jenkins@quvapharma.com, 973-775-2673
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SOURCE QuVa Pharma, Inc.
