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 Financing to Support Continuing Growth of Commercial Operations, Accelerate Clinical Development Programs and Advance Drug Discovery Programs Based on New Technologies Press Release: May 14, 2007 Romark Laboratories announced that it has completed a $27 million financing with Laminar Direct Capital, a member of the D. E. Shaw Group. The financing was structured as a sale of senior secured notes and equity units. Merrill Lynch acted as placement agent for the transaction. "This is an important development for our company," said Marc S. Ayers, President and Chief Executive Officer of Romark. "The D. E. Shaw group is widely recognized for leadership in technology and financial innovation. In addition to bringing on a world-class financial partner, the completion of this financing allows us to aggressively pursue the development of new products and technologies from our research and development pipeline." Romark will use the funds provided by the financing to support continuing growth of its commercial operations in the United States and to accelerate drug discovery and clinical development programs. The company is developing a new class of small molecule drugs targeting cell signaling pathways that are dysregulated in pathological states. This technology offers promise for treating viral diseases, cancers, autoimmune and neurodegenerative diseases. "We are excited to play a part in the continuing growth of Romark's business," said J. Bradley Parish, Vice President of D. E. Shaw & Co. "It is rare for us to find a biotechnology company with such an exciting pipeline of products in development, established commercial operations, and a proven track record of bringing innovative products to the marketplace." Romark Laboratories is a privately-owned company. This transaction represented Romark's second institutional financing. In 2006, Romark completed a secured debt financing with Merrill Lynch Capital, a division of Merrill Lynch Business Financial Services Inc. About the D. E. Shaw Group The D. E. Shaw group (www.deshaw.com) is a global investment and technology development firm with more than 1,200 employees; approximately $35 billion in aggregate investment capital; and offices in North America, Europe, and Asia. About Romark Laboratories Romark Laboratories, L.C. (www.romark.com) is a biotechnology company committed to the discovery and development of innovative new small molecules for treating infectious diseases, cancers, and autoimmune diseases. << see more |
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