ASHBURN, Va., Dec. 17 /PRNewswire-FirstCall/ -- Innocoll, Inc., a privately held specialty pharmaceutical company, announced that it has closed an equity financing investment to raise $30 million through the sale of convertible preferred stock in a private placement with three institutional investors led by Camulos Capital LP together with NewSmith Asset Management LLP and Morgan Stanley & Co, Incorporated. The existing principal shareholders, Rolf and William Schmidt, also converted existing loans totaling approximately $16 million into convertible preferred stock. The financing will be used to fund a series of phase 2 and phase 3 clinical trials for Innocoll's lead product development programs, payment of financing fees, and general corporate purposes.
Commenting on the equity financing, Dr. Michael Myers, President and CEO said, "We are delighted to have attracted three institutional investors of the caliber of Camulos, NewSmith and Morgan Stanley to make a significant financial investment in our business. In 2007, we have seen the approval of three INDs for products which are now in active clinical development and, according to market research performed by L.E.K. Consulting, have combined annual sales projections of approximately $800 million in the U.S. alone. Having secured the necessary funding, we are well placed to move forward aggressively with the clinical development of our lead pharmaceutical products."
Mr. Rolf Schmidt, Chairman of Innocoll's Board of Directors at the time of the transaction added "We are excited to be working with a group of highly knowledgeable investors who bring many years of healthcare industry experience and can ably assist us in the development and commercialization of our pipeline of innovative products."
"This investment is an opportunity to finance the U.S. development of
several late stage products that have proven efficacy and safety in Europe.
We look forward to worki
|SOURCE Innocoll, Inc.|
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