December 20, 2012
Woodside, CA – NXT Capital’s Venture Finance Group today announced that it has provided financing to support Pinnacle Biologics’ acquisition of cancer-treating laser equipment.
Pinnacle Biologics is a bio-pharmaceutical technology company that develops and manufactures therapies for oncology and rare diseases. Headquartered in Bannockburn, Illinois, Pinnacle Biologics is backed by Numoda Capital, Esperante Ventures and other strategic investors.
This acquisition includes the Diomed® PDT 630 laser and the Optiguide® fiber optic diffusers, the only FDA-approved devices for use in photodynamic therapy (PDT) with Photofrin® (porfimer sodium) for injection. These technologies expand Pinnacle’s platform to include all aspects of photodynamic therapy (PDT), a novel therapeutic laser that, when used in conjunction with surgery, has been shown to be effective for treating certain cancers.
“NXT Capital Venture Finance has a strong understanding of the specialty pharmaceutical industry and our business,” said Guillermo Herrera, Pinnacle’s Executive Chairman and CEO. “NXT already subscribed to our vision with an early infusion of capital. The follow-on capital NXT provided to execute this acquisition demonstrates that NXT is a long-term partner in Pinnacle’s success.”
“This acquisition brings considerable value to Pinnacle’s platform by strengthening its position as a leading developer of PDT therapies,” said Peter Fair, Managing Director, NXT Capital Venture Finance. “The acquisition will allow Pinnacle to further pursue its efforts to utilize PDT to treat new and existing cancers and rare diseases.”
PHOTOFRIN is FDA approved for the treatment of non-small cell lung cancer (NSCLC) and esophageal cancer. The product is available in the USA, several major European countries, Japan and several Latin American and Southeast Asian markets. PHOTOFRIN also is approved for high-grade dysplasia (HGD) in Barrett’s esophagus (BE) in North America. It also has Orphan Drug Designation (ODD) for cholangio-carcinoma and as adjuvant therapy to surgery for the treatment of malignant pleural mesothelioma. For additional information about PHOTOFRIN, and safety information, please see the full prescribing information available at www.photofrin.com.
ABOUT NXT CAPITAL VENTURE FINANCE:
NXT Capital Venture Finance serves entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance offers senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more efficient growth capital. For more information, see www.nxtcapitalvf.com.
ABOUT NXT CAPITAL:
NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Newport Beach and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. See www.nxtcapital.com.
ABOUT PINNACLE BIOLOGICS:
Pinnacle Biologics, Inc. is a privately held bio-pharmaceutical company specializing in revitalizing healthcare therapies to expand therapeutic potential and maximize favorable patient outcomes. The company is headquartered in Bannockburn, Illinois. Its European subsidiary, Pinnacle Biologics BV, is headquartered in Amsterdam and is the holder of the European Marketing Authorizations for Pinnacle products. For more information, see www.pinnaclebiologics.com.