BRIDGEWATER, N.J. and RALEIGH, N.C., June 18, 2019 (GLOBE NEWSWIRE) -- Nevakar Inc. (“Nevakar” or the “Company”), a specialty pharmaceutical company developing multiple assets in the ophthalmic and injectable areas, announced today that it recently entered into a $50 million product financing agreement (the “Agreement”) with an affiliate of NovaQuest Capital Management, L.L.C. for the continued development of five differentiated, sterile injectable products. Pursuant to the Agreement and to the previously announced agreement with Endo Ventures Limited, a subsidiary of Endo International plc (NASDAQ: ENDP) dated August 8, 2018 (the “Endo Agreement”), Nevakar will develop and seek U.S. Food and Drug Administration (the “FDA”) approval for these products; Endo has the ability to launch and distribute the products upon approval through its Sterile Injectables Segment, doing business as Par Sterile Products. Nevakar anticipates filing an application for the first product with the FDA in late 2019.
“We are pleased to establish this relationship with NovaQuest, a firm well known for providing novel financing solutions to help fund and advance life science and pharmaceutical companies’ strategic pipeline programs. This agreement, coming shortly after Nevakar’s licensing agreement with Endo, a respected pharmaceutical company with a significant and growing presence in sterile and critical care products, further validates our strong pipeline and business model while furthering our ability to advance our current and anticipated programs, including NVK-002 for pediatric myopia,” stated Navneet Puri, Ph.D., Founder, Chairman and Chief Executive Officer of Nevakar.
“The NovaQuest investment brings together a non-dilutive and customized product funding solution to support Nevakar’s exciting pipeline of programs. We appreciate the strength of the products covered by this agreement and the proven value generated by complex 505(b)(2) products. We look forward to continuing to work with the Nevakar team on these and other potential opportunities that further our goal of providing innovative funding solutions to products and programs that reduce the cost of care, address unmet medical needs, improve efficacy and enhance the quality of life for patients,” said Matt Bullard, Partner at NovaQuest Capital Management.
RBC Capital Markets, LLC and Cantor Fitzgerald & Co. acted as financial advisors and Morgan, Lewis & Bockius LLP served as legal counsel for Nevakar. Wyrick Robbins Yates & Ponton LLP served as legal counsel for NovaQuest.
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 NovaQuest Capital Management
NovaQuest Capital Management is a leading investor in life sciences and healthcare through its Product Finance and Private Equity strategies. NovaQuest was formed in 2000 with the vision of building an investment platform to provide strategic capital to life sciences and healthcare companies. Today, NovaQuest Capital Management manages over $2 billion through its Product Finance and Private Equity strategies. The investment team consists of highly seasoned operational and investment professionals with significant investment experience and deep life science and healthcare expertise. Furthermore, NovaQuest benefits from an extensive network of industry experts and relationships that assist in identifying, analyzing and growing NovaQuest portfolio companies and investments. For more information, please visit www.novaquest.com.
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