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KING OF
PRUSSIA, PA- September 18, 2006
Prism Pharmaceuticals, Inc., a privately-held, specialty pharmaceutical
company committed to developing and commercializing acute care
cardiovascular products, has secured up to $68 million in capital
from Paul Capital Partners' Paul Royalty Fund II, L.P. ("Paul
Capital") and existing investor Essex Woodlands Health Ventures
Fund VI ("Essex").
Proceeds of $23 million were received upon the closing
of this transaction, through the sale of preferred stock to both
Paul Capital and Essex. Additional amounts of up to $45 million,
comprised of both equity and a revenue interest financing, will
be funded based on the satisfaction of certain predetermined milestones.
Concurrent with the financing, Prism also announced
that Todd Davis and Clarke Futch of Paul Capital have joined the
Prism board of directors, which also includes James Currie and
Petri Vainio of Essex and Warren Cooper, Prism's CEO.
"In order to accomplish our goal of becoming
a leading specialty pharmaceutical company in the acute care space,
we needed the support and funding from the investment community,"
said Warren Cooper, President and CEO of Prism. "We are pleased
that Paul Capital has recognized our vision and understands our
growth opportunities as we move closer to establishing a robust
portfolio through the licensing of products and compounds in various
stages of development. This funding allows us to move more rapidly
towards creating unique and valid development pathways shaped
by medical need and market opportunity."
"We believe Prism's product portfolio shows
tremendous promise, and we are confident in the ability of the
company's strong management team to further develop and commercialize
these products," said Todd Davis, Partner, Paul Capital Partners.
"This transaction epitomizes the types of financing agreements
we structure for growing companies in need of capital to fund
their development and commercialization programs."
Paul Capital Partners manages nearly $5 billion
in equity capital commitments for its three investment platforms
that include Healthcare Royalty and Revenue Interests, Private
Equity Secondaries and Top Tier Fund-of-Funds. The firm has offices
in New York, San Francisco, Paris, London and Toronto. The Paul
Royalty Fund is one of the largest dedicated healthcare funds
globally, with approximately $1 billion in equity capital commitments.
The Paul Royalty Fund has made investments in the pharmaceutical,
biotechnology and medical device sectors valued at more than $850
million. These investments are focused on commercial stage companies
and products and consist of investments in the form of royalties,
revenue interests and equity. For more information, visit http://www.paulcapital.com.
Essex Woodlands Health Ventures is one of the United
States' premiere venture capital firms focusing exclusively on
the healthcare industry. Essex Woodlands recently raised their
seventh fund of $600 million. The firm has offices in California,
Texas, New York and London. The Essex Woodlands team has been
involved in the founding, investing, and/or management of over
100 healthcare companies ranging across all sectors, stages and
geography. For more information, visit http://www.ewhv.com.
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