MOXATAG is the first and only once-daily aminopenicillin therapy approved by the FDA to treat strep throat. Physicians prescribing MOXATAG would be able to provide their patients the convenience of once-daily dosing while utilizing approximately one-half the amount of amoxicillin currently used. According to prescription data from IMS Health, more than 30 million prescriptions were written for strep throat, pharyngitis and tonsillitis in the U.S. in 2007.
Keflex Transaction Raises $7.5 Million in Gross Proceeds
As previously announced, MiddleBrook closed an agreement on November 7, 2007, with Deerfield Management, a healthcare investment fund and one of the Company's largest equity shareholders, raising $7.5 million in cash through the sale of the Company's non-PULSYS Keflex assets, which the Company has the option to repurchase in the future.
Under the terms of the agreement, the Company received $7.5 million of gross proceeds, less a $0.5 million payment to Deerfield. The Company has the right to repurchase the assets sold in the transaction for a total of $11.0 million prior to year-end 2009. Proceeds from the agreement allowed MiddleBrook to repay in full its outstanding loan facility with Merrill Lynch and eliminate the associated interest and principal payments.
Equity Financing in January 2008 Raises $21 Million in Gross Proceeds
Subsequent to year-end, MiddleBrook closed a private placement of common stock and warrants to institutional investors, resulting in the receipt of $21.0 million in gross proceeds, less approximately $1.1 million in transaction expenses. The transaction included the private placement of 8,750,000 shares of MiddleBrook common stock and five-year warrants to purchase an additional 3,500,000 shares of common stock.
The Company intends to use the proceeds from the financi
|SOURCE MiddleBrook Pharmaceuticals, Inc.|
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