Navigation Links
Prism Pharmaceuticals to Receive $10 Million Milestone Payment from Paul Capital Healthcare
Date:1/8/2009

KING OF PRUSSIA, Pa., Jan. 8 /PRNewswire/ -- Prism Pharmaceuticals announced today that it will receive a $10 million milestone payment from Paul Capital Healthcare (formerly Paul Royalty Funds), the healthcare investment platform of Paul Capital. The milestone payment is triggered by the recent U.S. Food and Drug Administration (FDA) approval of Prism's new drug application (NDA) for NEXTERONE(R) (amiodarone HCl) Injection, a novel, patent-protected, cosolvent free formulation of the antiarrhythmic agent Amiodarone IV. The long range financing agreement with Paul Capital Healthcare, established in September 2006, provides Prism with non-dilutive capital to bring NEXTERONE through to commercial launch in the US.

The September 2006 financing secured up to $68 million in capital from Paul Capital Healthcare and Essex Woodlands Health Ventures Fund VI, through a combination of equity and a revenue interest financing, which is funded based on the satisfaction of certain predetermined milestones.

"The flexible, forward-looking provisions of the Revenue Interest Assignment Agreement structured between Prism and Paul Capital are demonstrating its true value in the current financing climate surrounding emerging biopharmaceutical companies," said Dr. Warren D. Cooper, President and CEO of Prism Pharmaceuticals. "Our financial circumstances and ongoing support enable us to remain wholly focused on execution of our business plan and leveraging the NDA approval of our first product."

"Our initial investment in Prism Pharmaceuticals was based on the great potential of the company's approach to an alternative formulation of amiodarone and other drugs, and our belief in management's ability to bring new products to the market," said Dr. Walter Flamenbaum, a partner at Paul Capital Healthcare. "The capital provided by our Revenue Interest Assignment Agreement - a form of "synthetic royalty" agreement - with Prism is helping the company bring its first product to market and will support the development and commercialization efforts around other promising candidates in the Prism pipeline."

About Prism Pharmaceuticals

Prism Pharmaceuticals, based in King of Prussia, Pennsylvania, is a specialty pharmaceutical company committed to developing and commercializing acute care cardiovascular products. The product portfolio strategy is focused on recognizing unfulfilled opportunities in existing compounds that address current unmet medical needs with a specific focus on medication safety in the hospital environment. For further information, visit www.prismpharma.com.

About Essex Woodlands Health Ventures

Essex Woodlands Health Ventures is one of the United States' premiere venture capital firms focusing exclusively on the healthcare industry. Essex Woodlands recently raised their seventh fund of $600 million. The firm has offices in California, Texas, New York and London. The Essex Woodlands team has been involved in the founding, investing, and/or management of over 100 healthcare companies ranging across all sectors, stages and geography. For more information, visit http://www.ewhv.com.

About Paul Capital Healthcare (formerly Paul Royalty Fund) and Paul Capital

Paul Capital manages more than $6.5 billion in capital commitments for its three investment platforms and has offices in New York, San Francisco, Paris, London, Hong Kong and Sao Paulo. Paul Capital Healthcare comprises one of the largest dedicated healthcare funds globally, with approximately $1.6 billion under management. Paul Capital Healthcare has made investments in the pharmaceutical, biotechnology, and medical device sectors totaling more than $965 million. These investments are focused on commercial stage companies and products, and consist of investments in the form of royalties, revenue interests and equity. For more information on Paul Capital and Paul Capital Healthcare visit http://www.paulcapital.com.


'/>"/>
SOURCE Prism Pharmaceuticals
Copyright©2009 PR Newswire.
All rights reserved

Related medicine news :

1. Prism Pharmaceuticals to Present at the 27th Annual J.P. Morgan Healthcare Conference
2. Prism Pharmaceuticals Receives FDA Approval of NEXTERONE(R) for Life-Threatening Ventricular Fibrillation and Ventricular Tachycardia
3. Prism glasses expand the view for patients with hemianopia
4. New Empire BlueCross BlueShield Prism Plans Offer Better Choice and Affordability for New York Small Group Market
5. Prism Pharmaceuticals Appoints Maurits Geerlings Vice President of Business Development
6. Poniard Pharmaceuticals Provides 2009 Clinical Data Goals for Picoplatin
7. Isis Pharmaceuticals to Present at the J.P. Morgan Healthcare Conference
8. Cell Therapeutics Receives $7.5 Million Under Joint Venture Agreement With Spectrum Pharmaceuticals
9. MiddleBrook Pharmaceuticals to Launch Moxatag(TM) March 2009
10. Amylin Pharmaceuticals to Present at JPMorgan Healthcare Conference
11. Onyx Pharmaceuticals Acquires Option to License Novel Highly Specific JAK2 Inhibitors From S*BIO
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:2/26/2017)... ... February 26, 2017 , ... NuevaCare, a leading home care ... Millbrae, Belmont, and Palo Alto, is proud to announce an important upgrade to its ... look for home care close to home, and by having city-specific pages, NuevaCare is ...
(Date:2/26/2017)... , ... February 26, 2017 , ... ODH, Inc.™ ... Summit, February 27-28 at the Sheraton Pentagon City Hotel in Arlington, VA. ODH’s director ... to use behavioral health analytics to improve Medicaid population health management. , ODH will ...
(Date:2/24/2017)... ... 24, 2017 , ... HealthPostures, expert standing desk solution designer, ... built into the home office sit stand solution are bold colors, a new ... the benefits embedded in the TaskMate Go are available 24/7 through HealthPostures' online ...
(Date:2/24/2017)... ... ... An in-depth computational analysis of genetic variants implicated in both schizophrenia and ... may explain why susceptibility to one of the disorders could place individuals at lower ... the journal npj Schizophrenia. , “There is a wealth of genomic data on ...
(Date:2/24/2017)... ... ... With millions of Americans and people worldwide struggling with ... aware of our options and are empowered with strength and information throughout the ... newest edition of "Vision and Hearing" in USA Today, that will educate readers ...
Breaking Medicine News(10 mins):
(Date:2/24/2017)... Research and Markets has announced the addition of the "Dry ... offering. ... Dry eye Drugs Price Analysis and Strategies - 2016, provides drug pricing ... answers the following questions: What are the ... they positioned in the Global Dry eye market? What ...
(Date:2/24/2017)... , Feb. 24, 2017 Medical information ... to increase their self-service capabilities to manage inquiries ... (HCPs). New research from consulting leader ... have developed self-service website portals where HCPs can ... just one of many findings to emerge from ...
(Date:2/24/2017)... , Feb. 23, 2017 Report analyzes the ... provides separate comprehensive analytics for the US, Canada ... , Asia-Pacific , Latin ... forecasts are provided for the period 2015 through 2022. Also, ... data and analytics are derived from primary and secondary research. ...
Breaking Medicine Technology: