CoreRx Completes Private Placement; Appoints New Members to its Board of Directors
CoreRx, a contract formulator and manufacturer of complex pharmaceutical products, announced that the Company has completed a placement of Series A Preferred Stock with Signet Healthcare Partners.
CLEARWATER, FL, USA –(BUSINESS WIRE)– CoreRx, a contract formulator and manufacturer of complex pharmaceutical products, announced that the Company has completed a placement of Series A Preferred Stock with Signet Healthcare Partners. The Company intends to use the net proceeds from the private placement to fund its capital expenditure plans and for general corporate purposes. James Gale, the founding partner of Signet Healthcare Partners and an experienced investor in the pharmaceutical industry, will join the board of directors.
“The successful close of this financing round marks an important milestone for our company. We are particularly pleased to have attracted the attention of Signet Healthcare Partners, as it validates the enormous potential for CoreRx to expand our service offerings,” said Todd R. Daviau, Ph.D., MBA, president and CEO of CoreRx. “This funding will further support the expansion of our commercial manufacturing facilities as well as upgrade our clinical manufacturing and clinical packaging facilities.”
“We are very excited to be partnering with CoreRx. The Company’s unique formulation skills are impressive. The additional resources provided by this financing should expand both the number and scope of the products under development,” said James Gale.
CoreRx also announced today that it has added two other new members to its Board of Directors: Dr. David Zacchardelli and Dr. Theron Odlaug.
Theron E. Odlaug, Ph.D. is Managing Partner of EIR Healthcare Advisors LLC, an independent director of Apicore US, and on the Advisory Board of Carstens Inc. Previously he was Executive Chairman of Cedarburg Pharmaceuticals, Inc., Executive Chairman and CEO of Planet Biopharmaceuticals, Inc., and President and Chief Executive Officer of CyDex Pharmaceuticals Inc. Dr. Odlaug’s over 37 years of experience includes senior leadership roles with Astellas, Fujisawa, Bayer AG and Baxter International and spans a broad range of regulatory and commercialization processes in the pharmaceutical and life science fields. Dr. Odlaug earned his Bachelor and Master’s degrees in biology from the University of Missouri at Kansas City in 1971 and 1973 respectively. He earned a Ph.D. in Public Health from the University of Minnesota in 1978. He has served as an independent director on board of both private and public companies including Advanced Life Sciences Inc., Wahl Clipper Corp. and Unigene Laboratories, Inc.
David Zaccardelli, Pharm.D., is currently the Executive Vice President and Chief Operating Officer of United Therapeutics. Dr. Zaccardelli joined United Therapeutics in 2004 as Vice President, Pharmaceutical Development. He was promoted to Senior Vice President, Pharmaceutical Development in 2006, to Executive Vice President, Pharmaceutical Development in 2007, Executive Vice President, Pharmaceutical Development & Operations in April 2008 and to Chief Manufacturing Officer and Executive Vice President, Pharmaceutical Development in November 2008. From 1988 to 1996, Dr. Zaccardelli worked at Burroughs Wellcome & Company and Glaxo Wellcome, Inc. in a variety of clinical research positions. He also served as Director of Clinical and Scientific Affairs for Bausch & Lomb Pharmaceuticals, Inc. from 1996 to 1997. Dr. Zaccardelli founded and led MDS Pharmaceutical Services, focused on contract pharmaceutical development services from 1997 through 2003. He received his doctor of pharmacy from the University of Michigan.
About CoreRx, Inc.
CoreRx is a contract development and manufacturing organization providing customized pre-formulation services, formulation development, manufacturing, packaging and analytical services to the pharmaceutical and biotechnology industry. The company is renowned for reliably expediting early development activities to speed potential drugs to clinical trials while applying stage-specific scientific knowledge and experience. From first-in-man drug development to full cGMP manufacturing support, CoreRx combines 200+ years of combined pharmaceutical development expertise to produce safe, effective, and innovative drug products, on time, and on budget.
About Signet Healthcare Partners
Founded in 1998, Signet Healthcare Partners provides growth capital to commercial-stage healthcare companies around the world. Over the past 16 years, Signet has organized three funds and completed investments in 42 companies with 25 exits. The team, comprised of five professionals with principal offices in New York City, brings over 100 years of collective healthcare experience in the specialty pharmaceutical, medical device, private equity and investment banking businesses. For more information, please visit Signet online at www.signethealthcarepartners.com.
Keep on top of new developments at CoreRx and throughout the drug development industry by following www.twitter.com/CoreRx and for more detailed information about the company, visit www.corerxpharma.com.
For further information, please contact:
CoreRx – Mark DaFonseca, email@example.com or 727-259-6950.