Prism Pharma nets $10M in financing

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Prism Pharmaceuticals will receive a $10 million payment from Paul Capital Healthcare (formerly Paul Royalty Funds), the healthcare investment platform of Paul Capital.

The milestone payment is triggered by the recent FDA approval of Prism's new drug application (NDA) for Nexterone (amiodarone HCl) injection, a cosolvent free formulation of the antiarrhythmic agent Amiodarone IV, according to the King of Prussia, Pa.-based company. The long-range financing agreement with Paul Capital Healthcare, established in September 2006, provides Prism with non-dilutive capital to bring NEXTERONE through to commercial launch in the U.S.

Prism said the September 2006 financing secured up to $68 million in capital from Paul Capital Healthcare and Essex Woodlands Health Ventures Fund VI, through a combination of equity and a revenue interest financing, which is funded based on the satisfaction of certain predetermined milestones.