ATLANTA, Nov. 11, 2010 /PRNewswire/ -- Arbor Pharmaceuticals, a specialty pharmaceutical company based in Atlanta, GA, announced today the completion of a $34.8 million financing. This financing included a $17.5 million investment in the form of Series B Preferred Stock led by Signet Healthcare Partners, LLC. The remainder of the financing was in the form of a term loan provided by several of the investing parties. Also participating in both the Series B equity investment and the loan were existing Arbor shareholders, JW Asset Management, LLC and ARCH Healthcare Fund, which are led by Jason Wild and Allen Chao respectively.
Ed Schutter, President and CEO of Arbor commented, "We are pleased with the commitment to Arbor demonstrated by our Series B investors. We have already completed several product license or acquisition agreements in the six months since the acquisition of Arbor by our original investment team and expect to use this funding to acquire other products."
Jim Gale, Managing Director of Signet Healthcare Partners added, "Arbor Pharmaceuticals has grown tremendously in the past year. We expect them to continue this impressive growth rate for the foreseeable future. This infusion of capital will enable Arbor to acquire other products positioning it to become a leading specialty pharmaceutical company."
Jason Wild, Chairman of the Board of Arbor added, "We are pleased to be adding Signet, with its industry expertise, to the Arbor shareholder base. Arbor has an established national sales force with 75 professionals and we expect revenues to exceed $100 million in 2011. We are very pleased with this progress as it surpasses the near term goals we had established when we acquired the Company in April 2010."
About Arbor Pharmaceuticals, Inc.
Arbor Pharmaceuticals, headquartered in Atlanta, Georgia, is a specialty pharmaceutical company currently focused primarily on the growing pediatric market. The company intends to become a leading specialty pharmaceutical company by actively licensing, developing and commercializing late-stage products for specialty focused conditions. Arbor currently markets three products for varying otic conditions including XYLAREX®, ZINOTIC® and NEOTIC®, and also markets PEDIADERM™ HC COMPLETE KIT for atopic dermatitis, FLUORADAY® for fluoride supplementation, and RHINARIS® and SALTAIRE® for nasal hygiene.
About JW Asset Management, LLC
JW Asset Management is a New York based fund manager for three investment partnerships. Jason Wild, a registered pharmacist, is the firm's founder and chief investment officer. JW Asset Management was founded in 1997 and has a strong history of finding opportunities within the specialty pharmaceutical sector. The firm is active in both the public and private equity markets.
About Signet Healthcare Partners
Signet Healthcare Partners was founded in 1998 and has a team that brings over 100 years of collective experience in the biopharmaceutical, medical device, private equity and investment banking businesses. Signet Healthcare has maintained its dedicated focus to diversified healthcare investing – primarily serving as lead investor to expansion stage companies engaged in specialty pharmaceuticals, medical devices and biopharmaceutical services.
About ARCH Healthcare Fund
ARCH Healthcare Fund is a California based firm with investments in both Asia and the United States. ARCH has professionals working in the U.S., Taiwan, and Hong Kong. Dr. Allen Chao, the founder and former CEO of Watson Pharmaceuticals is the Managing Partner. ARCH Healthcare is dedicated to diversified healthcare investing, primarily in expansion stage companies engaged in specialty pharmaceuticals, medical devices, healthcare services and biopharmaceutical services.
|SOURCE Arbor Pharmaceuticals|
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