TAMPA, Fla., Sept. 24, 2020 /PRNewswire/ -- American Injectables Inc., a sterile injectables manufacturing company located near Tampa Bay, FL, secured a commitment for $10 million of Series A financing from New Rhein Healthcare Investors. The company will use the funds to scale its production and launch several parenteral products in order to work toward alleviating current drug shortages in the US and address the high unmet need for sterile injectables. The company's strategy is also responsive to the US Government's August 6, 2020 executive order supporting US-based manufacture of essential medicines.
American Injectables' newly constructed facility includes state-of-the-art equipment and an integrated third-party analytical lab. It has a currently installed manufacturing capacity of 16 million units with expansion capability up to 50 million units.
New Rhein Managing Partners Subhanu Saxena and Greg Parekh will join the company's Board of Directors. "Based on frequent drug shortages, there continues to be an important unmet need for high quality injectables in the US market. American Injectables is well-positioned to be a strong US-based partner to address these needs," said Mr. Saxena. Mr. Saxena previously oversaw a large sterile injectable manufacturing organization while Managing Director and Global CEO of Cipla, with no FDA warning letters or critical findings under his tenure. Shilpa Pharma Inc.'s current CEO Adam Levitt will also join the Board. Mr. Levitt is an industry veteran, previously serving as Sr. VP-Global Commercial Operations of Teva, among other prior leadership roles at global and domestic pharmaceutical companies. He brings deep commercial knowledge and understanding of the US injectables market to American Injectables.
Vern Allen, previously President and founder of Actavent Pharmaceuticals, has been named CEO of American Injectables. Mr. Allen has spent three decades establishing and scaling healthcare companies in the respiratory, cardiology, and oncology spaces. "American Injectables is committed to serve our healthcare system partners with therapeutics that increase safety and compliance with a "patient first" focus," said Mr. Allen. "This financing will help us provide essential medicines to patients in need."
Due to the recent global health crisis caused by COVID-19, American Injectables will focus initially on manufacturing generic parenteral products and other essential medicines to meet demand during this period of heightened drug shortages. COVID-19 has highlighted the importance of domestic supply chains and American Injectables intends to be a leader in the effort to bring high-quality, cost-effective, sterile injectable manufacturing capabilities back to the US.
Bourne Partners, a healthcare focused investment bank, served as the exclusive financial advisor to American Injectables in this transaction.
About American Injectables
American Injectables is a US-based sterile injectable manufacturer of parenteral drugs with a world-class facility focused on ready-to-use pre-filled syringes and vials. The company's product line includes small molecule 505b2 and 505j syringe and vial products, and it serves as an outsourced contract manufacturing partner for strategic pharmaceutical companies.
About New Rhein Healthcare Investors
New Rhein is a venture capital/early growth stage fund manager whose investment strategy focuses on proven molecules used in new ways, such as new delivery forms and potential new uses and indications. In this way, New Rhein limits science-based risk and concentrates on development and execution. Prior investments have included medicines for Alzheimer's disease, ophthalmic disorders, respiratory disease, and molecular oncology diagnostics. New Rhein's partners, associates, and advisors are knowledgeable former industry executives with solid track records of operational, investment, and transactional experience. New Rhein combines significant deal-making expertise with deep operating experience, allowing it to tailor the right deal for the right situation and work with its portfolio companies to achieve maximum value for their products. For more information, see www.newrhein.com.
Contacts
Travis Allen, Business Development, American Injectables Inc.
[email protected]
SOURCE New Rhein Healthcare Investors LLC
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