Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company dedicated to advancing the science of analgesia, announced today that the company has entered into a $140 million debt facility agreement with CRG LP to retire an existing debt facility and provide additional working capital for the company.
"We are very pleased to enter into this agreement with CRG, an investment partner known for its strategic investments in healthcare," said Osagie Imasogie, Executive Chairman and CEO of Iroko. "This financing will assist us in fulfilling our mission of making available Iroko's low-dose SoluMatrix NSAIDs to the many patients around the world who seek pain medications that have been shown to provide effective pain relief. We provide these medications specifically to align with FDA and other regulatory and professional medical organization recommendations to use NSAIDs at the lowest effective dosage for the shortest duration consistent with patient treatment goals."
"We believe that Iroko's portfolio of low-dose SoluMatrix NSAIDs provide important treatment options for analgesia while potentially minimizing the dose-related risks of serious adverse events associated with NSAIDs," said Nate Hukill, President, of CRG. "We are excited to partner with Iroko whose innovative products offer important treatment options to patients suffering from acute or chronic (osteoarthritis) pain."
Cantor Fitzgerald acted as the exclusive financial advisor to Iroko in this transaction.
Founded in 2003, CRG (previously known as Capital Royalty L.P.) is a healthcare-focused investment firm with over $2 billion of assets under management that provides capital to healthcare companies primarily through structured debt and senior secured loans. CRG works across the spectrum of life science products and technologies and targets investment sizes ranging between $20 million and $300 million. The firm partners with commercial-stage healthcare companies to provide flexible financing solutions so they can achieve their growth objectives.
Iroko is a global specialty pharmaceutical company, based in Philadelphia, dedicated to advancing the science of analgesia. The company develops and globally commercializes pharmaceutical products.