Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Prism Pharmaceuticals, a developer and marketer of acute care cardiovascular products, has announced that it will receive a $10 million milestone payment from Paul Capital Healthcare, the healthcare investment platform of Paul Capital.
Subscribe to our email newsletter
The milestone payment is triggered by the recent FDA approval of Prism’s new drug application (NDA) for Nexterone (amiodarone HCl) injection, a patent-protected, cosolvent free formulation of the antiarrhythmic agent Amiodarone IV.
The long range financing agreement with Paul Capital Healthcare, established in September 2006, provides Prism with non-dilutive capital to bring Nexterone through to commercial launch in the US.
Warren Cooper, president and CEO of Prism Pharmaceuticals, said: “The flexible, forward-looking provisions of the revenue interest assignment agreement structured between Prism and Paul Capital are demonstrating its true value in the current financing climate surrounding emerging biopharmaceutical companies. Our financial circumstances and ongoing support enable us to remain wholly focused on execution of our business plan and leveraging the NDA approval of our first product.”