CutisPharma has closed an equity financing with Ampersand Capital Partners. As a part of the transaction, Silicon Valley Bank has provided a senior credit facility to further support the Company's growth requirements.
In conjunction with the financing, two Ampersand partners, Eric Lev and David Parker, have joined the CutisPharma Board of Directors. Financial terms of the transaction were not disclosed.
"We are very excited to partner with Ampersand,” says CutisPharma's Indu Muni, PhD, founder, Chairman & CEO, "Ampersand's expertise in specialty pharmaceuticals, and in particular its experience in the compounding pharmacy sector, will be invaluable as CutisPharma looks to aggressively pursue its long-term strategic plan."
Founded in 1998, CutisPharma develops and commercialises unit-of-use kits to aid pharmacists with the preparation of compounded prescriptions. CutisPharma's rapidly expanding portfolio of kits is utilised in retail and hospital pharmacies across the United States.
"We welcome the opportunity to collaborate with Dr Indu Muni and Neal Muni, MD, MSPH, President of the Company, and the rest of the CutisPharma management team and look forward to helping the Company continue its impressive growth trajectory,” says Eric Lev of Ampersand. "CutisPharma is an excellent fit with Ampersand's strategy of partnering with healthcare entrepreneurs in middle market companies to accelerate growth. We are attracted to the unique value proposition of CutisPharma's products, which offer pharmacists safe, high quality solutions that increase standardisation and improve efficiency in the compounding process."
