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Nevakar Completes $30 Million Financing to Advance Pipeline Products
BRIDGEWATER, N.J., Nov. 29, 2018 (GLOBE NEWSWIRE) -- Nevakar Inc., a specialty pharmaceutical company developing multiple differentiated products in the ophthalmic and injectable areas, announced today that it has entered into a $20 million senior secured term loan with Oxford Finance LLC. As part of the financing agreement, Nevakar may also access an additional $10 million of funding provided that certain pre-defined milestone events are achieved. Proceeds from the financings will be used to accelerate the Company’s pipeline projects and for general corporate services.
Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar, said, “We are delighted to enter into this agreement with Oxford Finance as we seek to continue to fund and advance our lead product candidates, including NVK-002 that is currently in a Phase 3 clinical trials for children with myopia. This financing and association with Oxford is an endorsement of our strategic vision and is an important follow-on to the licensing agreement with Endo Ventures Limited announced in August. Together, these transactions validate the value proposition of our strong pipeline and business model, and will enable us to continue our focus on developing innovative pharmaceutical products that deliver value to patients and the overall healthcare system.”
Armentum Partners acted as financial advisor to Nevakar for the debt transaction.
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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