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.
Equity Financing in January 2008 Raises $21 Million in Gross Proceeds
On January 28, 2008, MiddleBrook closed a private placement of common stock and warrants to institutional investors, resulting in the receipt of approximately $19.9 million in net proceeds. The transaction included the private placement of 8.75 million shares of MiddleBrook common stock and five-year warrants to purchase an additional 3.5 million shares of common stock.
The Company intends to use the proceeds from the financing to support the manufacture of MOXATAG, and for working capital and general corporate purposes. In addition, the financing is designed to provide the Company with additional financial flexibility in its ongoing strategic discussions.
Process to Explore Strategic Alternatives Ongoing
In February 2008, MiddleBrook announced that it engaged Morgan Stanley as its strategic advisor in the Company's ongoing strategic evaluation process. MiddleBrook is evaluating a full range of available strategic alternatives intended to further enhance shareholder value.
Strategic alternatives the Company may pursue could include, but are
not limited to, continued execution of the Company's operating plan, the
sale of some or all of the Company's assets, partnering or other
collaboration agreements, or a merger or other strategic transaction. There
can be no assurance that the exploration of strategic alterna
|SOURCE MiddleBrook Pharmaceuticals, Inc.|
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