Heritage gets $10M financing

Heritage Pharma of the UK and its wholly-owned US subsidiary, Heritage Pharmaceuticals, have consummated the private placement of series A preferred shares lead by Oklahoma-based venture capital investors McClendon Venture Companyand TLW Venture Company for gross proceeds of $10.0 million prior to fees and expenses. The proceeds will be utilized to finance North America and India product development costs, to establish an R&D facility and for other general corporate purposes.

Commenting on the agreement, Heritage chief executive Jeffrey Glazer, stated: "we are very excited to complete this new round of financing. The company is at a turning point and the infusion of capital will enable us to execute additional global growth strategies that will take Heritage to the next level. Establishment of our own R&D center will provide Heritage with an added level of integration in order to continue growing our generic product pipeline and commercial portfolio. We look forward to adding new product launches this year from our existing portfolio while accelerating our future growth."