BRIDGEWATER, N.J., Oct. 7, 2019 /PRNewswire/ -- Nevakar Inc., a
specialty pharmaceutical company developing multiple assets in the
ophthalmic and injectable areas, announced today that it has
entered into a $17.5 million product
financing agreement with an affiliate of H.I.G. Capital Partners,
L.P. for the continued development of five differentiated, sterile
injectable products. Pursuant to this agreement and to the
previously announced agreement with Endo Ventures Limited, a
subsidiary of Endo International plc (NASDAQ: ENDP) dated
August 8, 2018, Nevakar will develop
and seek U.S. Food and Drug Administration (FDA) approval for these
products; Endo has the ability to launch and distribute the
products upon approval through its Sterile Injectables Segment,
doing business as Par Sterile Products. Nevakar filed its first of
five 505(b)(2) applications with the FDA in September 2019.
"We are pleased to establish this relationship with H.I.G., a
firm well known for leadership in providing financing to companies
in the life science field. This agreement, coming after Nevakar's
licensing agreement with Endo, a respected pharmaceutical company
with a significant and growing presence in sterile and critical
care products, and a similar product financing agreement with
NovaQuest Investments, a firm well known for providing novel
financing solutions to help fund and advance assets in the life
science field, further validates our strong pipeline and business
model while bolstering our ability to advance our current and
anticipated programs," stated Navneet
Puri, Ph.D., Founder, Chairman and Chief Executive Officer
of Nevakar.
"The H.I.G. investment brings together a non-dilutive product
funding solution to support Nevakar's exciting pipeline of
programs. We are pleased to be able to work with Nevakar and
NovaQuest in support of the products covered by this agreement and
the proven value generated by complex 505(b)(2) products. We look
forward to continuing to work with the Nevakar team on these and
other potential opportunities that further our goal of providing
unique funding solutions in the life science industry," said
Alex Zisson, Managing Director at
H.I.G. Capital Partners.
RBC Capital Markets, LLC and Cantor Fitzgerald & Co. acted
as financial advisors and Morgan, Lewis & Bockius LLP served as
legal counsel for Nevakar. Goodwin Proctor LLP served as legal
counsel for H.I.G.
About H.I.G. Capital
H.I.G. is a leading global
private equity and alternative assets investment firm with over
$34 billion of equity capital under
management. Based in Miami, and
with offices in New York,
Boston, Chicago, Dallas, Los
Angeles, San Francisco, and
Atlanta in the U.S., as well as
international affiliate offices in London, Hamburg, Madrid, Milan, Paris,
Bogotá, Rio de Janeiro and São
Paulo, H.I.G. specializes in providing both debt and equity capital
to small and mid-sized companies, utilizing a flexible and
operationally focused/ value-added approach.
Since its founding in 1993, H.I.G. has invested in and managed
more than 300 companies worldwide. The firm's current portfolio
includes more than 100 companies with combined sales in excess of
$30 billion. For more information,
please refer to the H.I.G. website at www.higcapital.com.
About Nevakar Inc.
Nevakar Inc. is growing as a fully
integrated specialty pharmaceutical company with an extensive
portfolio of products in the ophthalmic and injectable
areas. Founded in 2015, and headquartered in Bridgewater, New Jersey, The Company is
focused on developing and commercializing innovative products to
address unmet medical needs, thereby improving patient care and
quality of life. Nevakar utilizes the 505(b)(2) regulatory
pathway, along with its proven expertise in the development of
novel and proprietary sterile pharmaceutical products to identify,
develop, and obtain regulatory approval for its
products. Additional information is available at
www.nevakar.com.
Investor Contacts:
Marshall Woodworth
Nevakar Inc.
Chief Financial Officer
(908) 367-7413
Media:
Paula Schwartz
Managing Director, Rx Communications Group, LLC
T: (917) 322-2216
E: pschwartz@rxir.com
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SOURCE Nevakar Inc.