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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
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SOURCE Prism Pharmaceuticals
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