Proceeds Used to Establish and Expand Manufacturing Capacity for the Company’s Products and for New Product Development
TAMPA, Fla. – December 1, 2014 – Romark Laboratories announced today that it has closed a $10.8 million private placement of its Class C Preferred equity. Proceeds of the sale of the Class C shares are being used to establish and expand manufacturing capacity for the company’s products and to accelerate development of new drugs from its preclinical development pipeline.
"We continue to build infrastructure to support the growth of our business," said Marc Ayers, President and Chief Executive Officer of Romark. "This financing has allowed us to make strategic investments in developing pharmaceutical manufacturing capacity for NT-300 and in advancing our early-stage product pipeline. We are excited about the continuing development of our business and the opportunities to bring important new products to patients and healthcare providers."
The Class C Preferred equity was sold at a price of $25 per share. Each share of Class C Preferred equity is convertible into one share of Common equity at the option of the holder. International Assets Advisory, LLC acted as Placement Agent for the transaction.
About Romark Laboratories
Romark Laboratories, L.C. is a vertically integrated biopharmaceutical company committed to the discovery and development of innovative small molecule drugs for treating infectious diseases and cancers. The Company markets Alinia® (nitazoxanide) tablets, 500 mg in the United States through a specialty sales force focused on gastroenterologists and primary care physicians.
Romark is developing a class of small molecule drugs called thiazolides. The Company’s product, NT-300 (nitazoxanide), is presently undergoing Phase 3 clinical development on a global basis for treatment of acute uncomplicated influenza. The NT-300 development program is being conducted under contract HHSO100201300004C with the U.S. Department of Health and Human Services. Other new drugs from the Company’s platform technology are proposed for treatment of viral diseases and cancers.