Proceeds of Senior Secured Notes Provide Capital for Construction of New Manufacturing Facility in Puerto Rico
TAMPA, Fla. – March 7, 2015 – Romark Laboratories announced today that it has closed a private senior debt financing that would provide $80 million of capital. The proceeds will be used to construct a new pharmaceutical manufacturing facility in Puerto Rico.
"We are pleased to have completed this financing," said Marc Ayers, President and Chief Executive Officer of Romark. "The new capital will facilitate the expansion of our manufacturing operations, paving the way for continued growth of our Alinia® business and the commercial launch of NT-300. Our ability to close this transaction speaks to the strength of our existing business and the opportunity provided by new products in development."
The company initially sold $12 million of senior secured notes in a syndicated private placement to institutional investors. Additional draws on the financing will be completed as the construction project progresses. Morgan Stanley & Co. LLC acted as Sole Placement Agent for the transaction.
About Romark Laboratories
Romark Laboratories, L.C. is a vertically integrated biopharmaceutical company committed to the discovery, development and delivery 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.