By Jennifer Chiou
New York, Sept. 18 - Prism Pharmaceuticals, Inc. said it obtained up to $68 million in capital from Paul Capital Partners' Paul Royalty Fund II, LP and EssexWoodlands Health Ventures Fund VI.
The company said that $23 million of proceeds came via the sale of preferred stock.
An additional amount up to $45 million, comprised of both equity and a revenue interest financing, will be funded based on the satisfaction of certain predetermined milestones.
At the same time, Prism announced that Todd Davis and Clarke Futch of Paul Capital have joined its board.
"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," president and chief executive officer Warren Cooper said in a news release.
"This funding allows us to move more rapidly towards creating unique and valid development pathways shaped by medical need and market opportunity."
King of Prussia, Pa.-based Prism is a specialty pharmaceutical company focused on acute care cardiovascular products.
| Issuer: | Prism Pharmaceuticals, Inc.
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| Issue: | Preferred stock
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| Amount: | $23 million
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| Announcement date: | Sept. 18
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| Investor: | Paul Royalty Fund II, LP; EssexWoodlands Health Ventures Fund VI
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