InnoPharma raises $8M in venture debt
InnoPharma, a sterile product development company of Piscataway, N.J., has closed on an $8 million growth capital financing from Comerica Bank and NXT Capital Venture Finance.
Proceeds from the financing will provide additional working capital and will support the InnoPharma's ongoing development of niche generic and specialty pharmaceutical products in injectable and ophthalmic dosage forms. Armentum Partners acted as strategic advisors to InnoPharma for this transaction.
"InnoPharma has a robust pipeline of unique specialty pharmaceutical products and the team has made great strides tackling many of the formulation challenges currently facing drug developers," said Jeff Chapman, senior vice president at Comerica Bank.
Peter Fair, managing director of NXT Capital Venture Finance, added, "InnoPharma's management team has a unique blend of top-notch drug development experience coupled with strong business acumen. We are extremely pleased to provide a flexible financing solution to a company with such demonstrated talent for producing complicated drugs that service significant market needs."