Interpharm Announces $10 Million Capital Financing
May 19 2006 - 12:50PM
Business Wire
Interpharm Holdings, Inc. (Amex: IPA), a manufacturer and
distributor of generic pharmaceutical drugs, today announced it has
entered into a stock purchase agreement with Tullis-Dickerson
Capital Focus III, L.P. ("Tullis-Dickerson"), in which
Tullis-Dickerson has agreed to purchase $10 million of convertible
preferred stock upon the satisfaction of the conditions to closing
set forth in the agreement. A full description of the
Tullis-Dickerson stock purchase agreement, as well as a copy of the
agreement, are provided in a Current Report on Form 8-K filed by
Interpharm with the SEC on May 19, 2006. Cameron Reid, Chief
Executive Officer of Interpharm Holdings, Inc., stated: "Securing
this $10 million capital funding is the final component of our
planned financing to fund our expansion plan. Tullis-Dickerson took
the time to understand our business and our plan and recognized the
value in Interpharm and the quality of the Interpharm team.
Tullis-Dickerson was the obvious choice for a long term investment
partner." Rick Miller, a General Partner of Tullis-Dickerson
Capital Focus III, L.P., commented: "With this financing,
Interpharm is very well positioned to execute their business plan
to expand their generic business. We are excited to be working with
the outstanding management team to create additional shareholder
value." About Interpharm Holdings, Inc. Interpharm currently
develops, manufactures and distributes generic prescription
strength and over-the-counter drugs. Interpharm will continue to
focus on growing organically through internal product development
and leveraging its strength in efficient and cost effective
manufacturing. In addition, Interpharm will also continue to seek
consummation of mutually beneficial strategic alliances and
collaborations. Headquartered on Long Island, New York, Interpharm
presently employs nearly 500 people. About Tullis-Dickerson
Tullis-Dickerson provides venture capital to health care companies
at all stages of growth. Founded in 1986, the firm has raised four
health care venture capital funds totaling approximately $400
million. FORWARD-LOOKING STATEMENTS Statements made in this news
release, contain forward-looking statements concerning Interpharm's
business and products involving risks and uncertainties that could
cause actual results to differ materially from those reflected in
the forward-looking statements. The actual results may differ
materially depending on a number of risk factors including, but not
limited to, the following: general economic and business
conditions, development, shipment, market acceptance, and
additional competition from existing and new competitors, changes
in technology, and various other factors beyond Interpharm's
control. Other risks inherent in Interpharm's business are set
forth in its filings with the SEC, including, but not limited to,
its Form 10-K, filed on September 28, 2005 and Forms 10-Q filed on
November 21, 2005, February 14, 2006 and May 16, 2006. All
information in this release is as of May 18, 2006. Interpharm
undertakes no duty to update any forward-looking statements to
conform the release to actual results or changes in its
circumstances or expectations after the date of this release.
Interpharm (AMEX:IPA)
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