The existing principal shareholders, Rolf and William Schmidt, also converted existing loans totaling approximately $16 million into convertible preferred stock. The financing will be used to fund a series of Phase II and Phase III clinical trials for Innocoll’s lead product development programs, payment of financing fees and general corporate purposes.
Michael Myers, president and CEO, said: “We are delighted to have attracted three institutional investors of the caliber of Camulos, NewSmith and Morgan Stanley to make a significant financial investment in our business. In 2007, we have seen the approval of three INDs for products which are now in active clinical development and, according to market research performed by LEK Consulting, have combined annual sales projections of approximately $800 million in the US alone. Having secured the necessary funding, we are well placed to move forward aggressively with the clinical development of our lead pharmaceutical products.”