SILVER SPRING, Md., April 22, 2014 /PRNewswire/ -- Pharmagen, Inc. (OTCQB: PHRX) (the "Company" or "Pharmagen") today announced that it has completed its bridge financing lead by Pharmagen's Chairman, Richard A. Wolpow and Bagel Boy Equity Group II, LLC. Completion of this round helps get Pharmagen one step closer to following through on a plan of consolidation and restructuring which was initiated in October 2013.
"I am excited to get this part of the plan behind us", says Richard A. Wolpow, Chairman of Pharmagen, Inc. "Much has transpired since October and there is still much to do, however, I expect only positive things moving forward. I have been very impressed with the Pharmagen team, their willingness to embrace new ideas, people, and direction for the Company." Wolpow stated.
"We're very thankful for Richard's involvement in Pharmagen. He believes in Pharmagen's long term vision. We believe Richard's wealth of experience in our market coupled with his longstanding relationships in the capital markets will prove to be the game changer for us and the entire compounding industry," said Mackie A. Barch, CEO of Pharmagen.
Pharmagen, Inc. ("Pharmagen"), and wholly owned subsidiaries and operating divisions Pharmagen Laboratories, Inc., Pharmagen Distribution, LLC and Pharmagen Nutraceuticals, Inc. offers innovative solutions to the nations sterile pharmaceutical crisis. With a multi-solution approach, Pharmagen is helping to meet the demand of the health provider market through independent wholesale, compounding, and IT solutions. Nationally focused, Pharmagen is a distributor of specialty drugs, compounding and admix pharmacy and producer of over-the-counter ("OTC") branded multivitamins. Pharmagen currently functions as a just-in-time source of supply for hospitals for those products that are hard-to-find.
About Bagel Boy Equity Group II, LLC
Bagel Boy Equity Group II, LLC, was founded by its Managing Partner, Richard A. Wolpow. Mr Wolpow has been advising and operating small to mid-size private and public companies for over 20 years. He is or has been founder and chief operator of a number of companies primarily in the Healthcare industry. Currently, Mr. Wolpow is on the Board of Directors of three companies, is an operating partner of a healthcare specific private equity firm and is the trustee for a private charitable trust.
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Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words "forecast", "anticipate", "estimate", "project", "intend", "expect", "should", "believe", and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Pharmagen actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Pharmagen's filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Pharmagen herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Pharmagen disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
SOURCE Pharmagen, Inc.