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Halo Pharmaceutical Completes $14.6 Million in Financing from The Provident Bank
Date:4/22/2009

WHIPPANY, N.J., April 22 /PRNewswire/ -- Halo Pharmaceutical, this week announced that it has completed $14.6 million in financing from The Provident Bank to expand its operations.

Headquartered in Whippany, Halo is a privately held full-service, specialty pharmaceutical company. Halo provides state-of-the-art contract manufacturing, early stage formulation development and laboratory services to the pharmaceutical and related industries.

"Provident is a respected local bank that understands the New Jersey market and the needs of New Jersey's pharmaceutical companies. That's why we chose to go to them for financing," said Mohd Asif, Halo's Chief Financial Officer. "Provident understands that providing the kind of financing that assists local companies helps keep jobs in the Garden State and even helps create jobs here in the future. We look forward to an ongoing close relationship with them."

"We are excited to be working with Halo," said Keith Stinchcomb, Provident vice president and team leader of middle market lending. "At Provident, we focus on building strong relationships with our clients so we can best meet their financial needs. We look forward to continuing to work with Halo as they grow."

Halo's Whippany facilities encompass more than 200,000 sq. ft. and include an array of capabilities. For information about Halo, visit www.halopharma.com or contact Mohd Asif at (973) 428-4013.

For more information about Provident, contact Keith Stinchcomb at (973) 644-5408 or The Provident Bank at 800-448-PROV (7768).

About Halo Pharmaceutical

Halo Pharmaceutical, headquartered in Whippany, NJ, is a specialty pharmaceutical company engaged in pharmaceutical branded product lifecycle management. The company's strategy is to acquire products that are late in their lifecycle and for which lifecycle extension is possible through sustained release formulation development; the addition of appropriate dosage forms and strengths; the development of new indications; and new approaches to promotion of the brands. Halo also offers full service state-of-the-art contract manufacturing in a wide range of dosage forms, formulation and analytical method development from pre-clinical through phase III, and laboratory testing services to the pharmaceutical and related industries. Halo is currently a supplier of choice to a number of large and medium size brand pharmaceutical companies for important lifecycle products. Contract manufacturing capabilities include the ability to conduct aseptic semi solids manufacturing and filling, granulation, blending, tableting, coating and packaging. DEA Schedule 2 to 5 products can also be manufactured and packaged. Halo also has related warehousing and distribution operations. Halo Pharmaceutical is a privately-held company.

About The Provident Bank

With $4.2 billion in deposits, The Provident Bank serves its customers via a network of 82 branches throughout northern and central New Jersey. The Provident Bank is the wholly owned subsidiary of Provident Financial Services, Inc. (NYSE: PFS), which reported assets of $6.6 billion as of December 31, 2008.


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SOURCE Halo Pharmaceutical
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