GEORGE TOWN, GRAND CAYMAN & TORONTO, ON- Ironshore Pharmaceuticals & Development, Inc. (Ironshore), a wholly owned subsidiary of Toronto’s Highland Therapeutics, has completed a US$200 million private placement of Senior Secured Notes due 2024.
Ironshore says it will use the proceeds from the financing to help in its transformation from a research and development organization to a fully integrated pharmaceutical company. The funds will also go towards supporting pre-commercialization marketing and commercial launch activities for HLD200 (delayed-release and extended-release methylphenidate).
HLD200 is currently under review by the U.S. Food and Drug Administration as a treatment for improving functioning in ADHD patients during both the morning and bedtime routines with a single dose. The expected action date under the Prescription Drug User Fee Act (PDUFA) is July 30, 2017.
Morgan Stanley & Co. LLC acted as sole placement agent for the transaction. Goodmans LLP acted as lead counsel, Morrison & Foerster LLP acted as U.S. counsel and Solomon Harris acted as Cayman Islands counsel for Ironshore in connection with the private placement.
Highland Therapeutics Inc. is a client of MaRS Discovery District’s Health Venture Services group, which provides advisory services, connections to talent, customer & capital networks, and market intelligence to high-impact, Ontario-based life sciences ventures, helping them commercialize their ideas and build globally competitive companies.