WARREN, N.J. and PORTAGE, Ind., June 12 MonoSol Rx, a drugdelivery company specializing in dissolving thin film pharmaceutical products,announced today it closed a $10 million private Loan and Security Agreementwith White Oak Partners. The agreement provides MonoSol Rx with an option toreceive an additional $2.5 million from White Oak upon the achievement ofcertain milestones.
MonoSol Rx will use the funds for general corporate purposes, appropriatecapital equipment investments and for the advancement of its research anddevelopment programs targeting prescription, generic and over-the-counterpharmaceutical products to utilize the Company's proprietary thin film drugdelivery technology.
A. Mark Schobel, chief executive officer of MonoSol Rx, commented, "Ourgoal is to produce and provide the most enhanced, effective and safest thinfilm drug products for the global prescription market. This new fundingendorses our thin film drug delivery technology capabilities, and our abilityto develop products that offer significant advantages over existing dosageforms, including better compliance, ease of dosing, better stability anddurability, as well as quicker absorption and improved content uniformity ofextremely low dose formulations."
Keith J. Kendall, chief financial officer of MonoSol Rx, commented, "Thistransaction is an important element of our financing efforts to provide theCompany the capital required to continue to advance its technology andbusiness model. It underscores the confidence the financial markets have inour ability to deliver on our strategy and our plans to develop andcommercialize quality products for our partners. The transaction alsohighlights for our partners that they are aligned with a well capitalizedfirm."
Cowen and Company served as the sole arranger in the loan financing withWhite Oak Partners, through its affiliate, White Oak Global Advisors. WhiteOak Partners is a leading restructuring and financial advisory firm servingmiddle market companies, as well as financial and lending institutionsthroughout the US.
About MonoSol Rx
MonoSol Rx is a drug delivery company specializing in proprietary,dissolving thin film pharmaceutical products. The Company's thin filmtechnology, which is similar in size, shape and thickness to a postage stamp,dissolves rapidly and utilizes a novel process and proprietary encapsulationcompositions to mask the taste of the drug contained within the film. MonoSolRx's strategy is to develop and partner innovative thin film strip products inthe prescription, generic and OTC pharmaceutical markets and to establish aleadership position in thin film drug delivery technology through continueddevelopment of its drug delivery technology and intellectual propertyportfolio.
About White Oak Group
White Oak Group is a leading restructuring and financial advisory firmserving middle market companies and their owners, as well as financial andlending institutions throughout the US.
About Cowen and Company
Cowen and Company provides investment banking services, equity research,sales trading and mergers and acquisition advice, to emerging growth companiesin sectors including healthcare, technology, media and telecommunications,aerospace and defense, consumer and alternative energy.Contacts: For MonoSol Rx: Jason Rando/Stephanie Carrington The Ruth Group 646.536.7025/7017 [email protected] [email protected]
SOURCE MonoSol Rx