An affiliated fund of Southridge, an investment firm providing capital to publicly listed companies, has closed a private equity agreement for up to USD7.5m in equity financing with PuraMed BioScience.
"Southridge is very pleased to provide equity capital financing for this innovative market leader in the over-the-counter consumer market for alternative health remedies," says Stephen Hicks, founding principal of Southridge.
PuraMed BioScience was established to capture two opportunities. The first is to build a substantial business, beginning with three products developed by its founders: LipiGesic M for acute relief of migraine headaches, LipiGesic H for acute relief of tension headaches and PuraMed PM for insomnia.
Each of these is safe, effective and addresses a very large over-the-counter consumer market, collectively worth over USD2bn in the U.S.
The second opportunity is to establish a leadership position in the highly fragmented OTC natural and alternative health remedy market by introducing an alternative remedy line for common ailments.
