Innocoll Biotherapeutics plc, a specialty pharmaceutical company and portfolio business of Gurnet Point Capital, announced recently the successful refinancing of its existing term loan facility with a new $125 million term loan provided by funds managed by Oaktree Capital Management, L.P. (“Oaktree”). As per reports, the new term loan meaningfully strengthens Innocoll’s financial flexibility and enables the Company to further invest in its R&D program and commercial organization for its innovative products.
“The refinancing of our debt significantly improves our liquidity position, which enables us to invest even further into the crucial research and clinical studies required to expand the use of our innovative products in soft tissue surgeries,” said Louis Pascarella, Chief Executive Officer of Innocoll. “By continuing to invest in our R&D and building our commercial organization, we are confident that we will position our innovative post-surgical, non-opioid pain products XARACOLL (bupivacaine hydrochloride implant) and POSIMIR® (bupivacaine solution) for long-term success. I’m thrilled for our company’s future and look forward to the positive impact we will have on hospitals, surgeons and patients by reinvesting this increased liquidity directly into our portfolio.”
Aman Kumar, Co-Portfolio Manager of Life Sciences Lending at Oaktree, said, “We are pleased to partner with Innocoll at this exciting stage in the company’s development. We see tremendous opportunity in the business, its portfolio and the leadership team, and believe in its mission to help solve unmet needs in the acute care setting.”