By Lisa Kerner
Erie, Pa., March 30 - Esprit Pharma, Inc. secured a $50 million credit facility from Drawbridge Special Opportunities Fund, a fund managed by an affiliate of Fortress Investment Group, according to a company news release.
Citigroup acted as lead placement agent, and Wachovia acted as a co-placement agent.
Proceeds from the financing will be used for general corporate purposes, including working capital, and to facilitate future acquisitions.
"It is less than 12 months since we began operations, and in that relatively brief time, Esprit Pharma has successfully raised $160 million of capital," chief financial officer Andrew J. Einhorn said in the release.
"This was accomplished through a combination of today's announced credit facility and our prior series A private equity funding."
Located in East Brunswick, N.J., Esprit is focused on the acquisition, development and marketing of products for the genito-urinary and women's health care markets.
| Borrower: | Esprit Pharma, Inc.
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| Amount: | $50 million
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| Issue: | Credit facility
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| Investors: | Drawbridge Special Opportunities Fund, a fund managed by an affiliate of Fortress Investment Group
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| Lead placement agent: | Citigroup
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| Co-placement agent: | Wachovia
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| Announcement date: | March 30
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