Large-scale pharmaceutical company to receive $30 million financing commitment from BVI-based Azimuth Opportunity Ltd
Depomed Inc., a specialty pharmaceutical company focusing on drug delivery, has announced on last Tuesday that it received a commitment for up to $30 million in common stock equity financing, from Azimuth Opportunity Ltd. Azimuth Opportunity Ltd. is a private equity firm, which is incorporated in the British Virgin Islands. The advisor of the BVI company is Acqua Capital Management.
The funds are said to be drawn on during the next 24 months, in registered common stock or in discounted sales. John W. Fara, chairman, president and chief executive officer of Depomed Inc., has said in his comments: ‘ The equity line provides us financial flexibility to raise capital if needed in order to maintain a strong balance sheet … This financial commitment is an important resource as we develop a strong pipeline of products’.
As it is said by the company, net proceeds from any sales to the BVI company will be used for clinical trials, research and development, marketing, general and administrative expenses.