Additional Resources Will Support Product Development and Expansion of Manufacturing Capabilities
Sacramento, Calif.—(May 19, 2020)—Nivagen Pharmaceuticals, Inc. (“Nivagen”), a specialty pharmaceuticals company, announced the closing of a $16 million equity financing round led by Telegraph Hill Partners (“THP”), a life science venture capital and growth equity firm, along with participation from existing investors.
“We are excited to have this additional capital which, along with our recently closed line of credit, provides Nivagen with substantial resources to support our growing product pipeline, including medicines that help patients impacted by COVID-19,” said Mr. Jay Shukla, CEO of Nivagen. “We look forward to working with THP as we expand our domestic manufacturing capability to better serve our customers and ensure a consistent supply of high-quality, reasonably priced medicines.”
Nivagen intends to use the proceeds for internal development and acquisition of additional generic and branded drugs to broaden its product portfolio. The company is also exploring strategies to develop or acquire manufacturing facilities in the United States to help alleviate supply disruptions and accelerate time to market for its pipeline products.
“The diversity of Nivagen’s offering and its ability to rapidly commercialize new products distinguishes the company,” said Rob Hart, partner at Telegraph Hill Partners. “We believe Nivagen’s team, with its proven track record, can grow the business by bringing cost effective pharmaceutical products to the market in areas with significant need.” Mr. Hart will join Nivagen’s board concurrent with the financing.
About Nivagen Pharmaceuticals, Inc.
Nivagen Pharmaceuticals Inc. is a leading specialty pharmaceuticals company engaged in the development and sale of difficult to formulate generic and branded prescription drugs for the North American market. Nivagen is building a broad portfolio of high-quality, sustainable drug products by developing, acquiring, and in-licensing unique formulations to serve the needs of its customers. Learn more at www.nivagen.com.
About Telegraph Hill Partners
Telegraph Hill Partners, founded in 2001 and based in San Francisco, CA, invests in commercial stage life science, medical technology and healthcare companies. For more information please see www.telegraphhillpartners.com.
Contact:
Nivagen Pharmaceuticals, Inc.
Robert Miller
Chief Financial Officer
(925) 787-6218
bmiller@nivagen.com
