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Salveo Specialty Pharmacy, Inc. Completes Additional Equity and Debt Financings and Acquisition of Mission Road Pharmacy
Date:12/4/2012

SAINT PETERSBURG, Fla., Dec. 4, 2012 /PRNewswire/ -- Salveo Specialty Pharmacy, Inc., a specialty pharmacy company backed by Three Arch Partners, NewSpring Capital and Petra Capital Partners, today announces the completion of a second round of equity and debt funding, and its subsequent acquisition of Mission Road Pharmacy, a pharmacy based in Los Angeles, California focused on Oncology, HIV/AIDS, Hepatitis, Rheumatoid Arthritis and Mental Health therapies.

The additional equity financing was led by new investor, Sofinnova Ventures of Menlo Park, California.  The debt financing included additional subordinated debt provided by Petra, as well as a new senior credit facility provided by Regions Bank.  Garheng Kong, MD, PhD of Sofinnova will join the Salveo Board of Directors in conjunction with the investment.

Co-founded by Jeff Freedman (CEO) and Chuck Brown (COO), Salveo Specialty Pharmacy is a specialty pharmacy company focused on the acquisition and operation of selected specialty pharmacies throughout the United States.  Focusing on chronic and often underserved disease states, the Company acquires pharmacies that share its commitment to improving chronic disease management and complement its existing operations, and then integrates them into a leading and unified specialty pharmacy organization.  With the Mission Road Pharmacy acquisition, Salveo now has clinically-focused specialty pharmacy operations based in New York and Los Angeles, the two largest markets in the nation.  Salveo will continue to focus on expanding its current customer base in these and new markets as well as integrating further acquisition targets.  The former owners of Mission Road Pharmacy intend to remain with Salveo post-transaction.

Commented Garheng Kong, General Partner at Sofinnova Ventures, "We are excited to have partnered with the entire Salveo team to provide the Company with additional equity financing to support the Com
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SOURCE Sofinnova Ventures
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