Iroko Pharmaceuticals Secures $75 Million in Debt Financing to Support ZORVOLEX™ Commercialization
Iroko Pharmaceuticals, LLC, a global specialty pharmaceutical company
dedicated to advancing the science of analgesia, today announced that
the company has entered into a $75 million debt facility agreement with
an affiliate of OrbiMed Advisors LLC (OrbiMed)to support
general business operations and the launch of ZORVOLEX (diclofenac).
ZORVOLEX was approved by the United States Food and Drug Administration
(FDA) on October 18, 2013.
The recent FDA approval of ZORVOLEX marks an exciting time for Iroko,
and through this agreement with OrbiMed, we will have the additional
resources necessary to commercialize the first lower dose NSAID from our
portfolio in the first quarter of 2014, said Osagie Imasogie, Executive
Chairman of the Board, Iroko Pharmaceuticals.
MTS Securities, LLC, an affiliate of MTS Health Partners, acted as the
exclusive financial advisor to Iroko in this transaction.
ZORVOLEX is the first and only FDA approved NSAID developed using
proprietary SoluMatrix Fine Particle Technology. ZORVOLEX
contains diclofenac as submicron particles that are approximately 20
times smaller than their original size. The reduction in particle size
provides an increased surface area, leading to faster dissolution.
ZORVOLEX was developed to align with recommendations from FDA and
professional medical organizations that NSAIDs be used at the lowest
effective dose for the shortest possible duration of time consistent
with individual patient treatment goals. For more information, visit .
OrbiMed is a leading investment firm dedicated exclusively to the
healthcare sector, with over $8 billion in assets under management.
OrbiMed invests globally across the spectrum of healthcare companies,
from venture capital start-ups to large multinational companies.
OrbiMeds team of more than 80 employees manages a series of private
equity funds, public equity funds, royalty/debt funds and other
investment vehicles. OrbiMed maintains its headquarters in New York,
with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
As one of the largest investment firms dedicated to the healthcare
sector, OrbiMed seeks to be a capital provider of choice, bringing the
global resources required to be an exceptional long-term partner for
building world-class healthcare companies. .
MTS Securities, LLC, an affiliate of MTS Health Partners, located in New
York, provides aligned strategic and financial advisory services to
companies, academic institutions and other non-profits of all sizes in
the global healthcare industry. For further information, please visit .
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. In
addition to the Iroko products that are marketed worldwide, the company
has a robust pipeline of investigational lower dose NSAID products being
developed using iCeutica Pty Ltds proprietary SoluMatrix Fine Particle
Technology. For more information, visit .
for Iroko Pharmaceuticals, LLCJessica Donnelly, 212-798-9819orIroko
Pharmaceuticals, LLCKate de Santis, 267-546-1682
Source: Iroko Pharmaceuticals, LLC