US-based Iroko Pharmaceuticals has entered into a $75m debt facility agreement with an affiliate of OrbiMed Advisors (OrbiMed) to support general business operations and the launch of Zorvolex (diclofenac).
Zorvolex is the first and only FDA approved non-steroidal anti-inflammatory drug (NSAID) developed using proprietary SoluMatrix Fine Particle Technology.
Approved in October 2013, Zorvolex contains diclofenac as submicron particles that are about 20 times smaller than their original size.
Iroko Pharmaceuticals executive board chairman Osagie Imasogie said, "The recent FDA approval of ZORVOLEX marks an exciting time for Iroko, and through this agreement with OrbiMed, we will have the additional resources necessary to commercialize the first lower dose NSAID from our portfolio in the first quarter of 2014."
MTS Securities, an affiliate of MTS Health Partners, was the exclusive financial advisor to Iroko in the transaction.
Zorvolex was developed to align with recommendations from FDA and professional medical organizations that NSAIDs be used at the lowest effective dose for the shortest possible duration of time consistent with individual patient treatment goals.
