Bridgewater, NJ, / Raleigh, NC, JUNE 18, 2019 – Nevakar Inc. (“Nevakar” or the “Company”), a specialty pharmaceutical company developing multiple assets in the ophthalmic and injectable areas, announced today that it recently entered into a $50 million product financing agreement (the “Agreement”) with an affiliate of NovaQuest Capital Management, L.L.C. for the continued development of five differentiated, sterile injectable products. Pursuant to the Agreement and to the previously announced agreement with Endo Ventures Limited, a subsidiary of Endo International plc (NASDAQ: ENDP) dated August 8, 2018 (the “Endo Agreement”), Nevakar will develop and seek U.S. Food and Drug Administration (the “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 anticipates filing an application for the first product with the FDA in late 2019.
“We are pleased to establish this relationship with NovaQuest, a firm well known for providing novel financing solutions to help fund and advance life science and pharmaceutical companies’ strategic pipeline programs. This agreement, coming shortly after Nevakar’s licensing agreement with Endo, a respected pharmaceutical company with a significant and growing presence in sterile and critical care products, further validates our strong pipeline and business model while furthering our ability to advance our current and anticipated programs, including NVK-002 for pediatric myopia,” stated Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar.
“The NovaQuest investment brings together a non-dilutive and customized product funding solution to support Nevakar’s exciting pipeline of programs. We appreciate the strength 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 innovative funding solutions to products and programs that reduce the cost of care, address unmet medical needs, improve efficacy and enhance the quality of life for patients,” said Matt Bullard, Partner at NovaQuest Capital Management.
RBC Capital Markets, LLC and Cantor Fitzgerald & Co. acted as financial advisors and Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar. Wyrick Robbins Yates & Ponton LLP served as legal counsel for NovaQuest.
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.
About Oxford Finance LLC Oxford Finance is a specialty finance firm providing senior secured loans to public and private life sciences and healthcare services companies worldwide. For over 20 years, Oxford has delivered flexible financing solutions to its clients, enabling these companies to maximize their equity by leveraging their assets. In recent years, Oxford has originated over $5 billion in loans, with lines of credit ranging from $5 million to $150 million. Oxford is headquartered in Alexandria, Virginia, with additional offices in San Diego, California; Palo Alto, California; and the greater Boston and New York City areas. For more information, visit oxfordfinance.com.
About Armentum Partners Armentum Partners is an independent financial services firm focused on providing non-dilutive capital raising solutions primarily to healthcare, technology, and sustainability companies. With a key focus on debt capital raising services, Armentum is dedicated to achieving the best structure and cost of capital for its clients. Armentum has combined experience of over 50 years in investment banking, private equity, lending and operations. Since 2014, Armentum has closed more than 140 private debt transactions raising over $4.0 billion of committed capital for its clients.
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