RxElite receives funding from NPIL Pharma

POSTED: 10:17 MDT Wednesday, June 11, 2008

by IBR staff report

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Tags - RxElite

RxElite, Inc. last week said it received financing from NPIL Pharma Inc.

Meridian-based RxElite develops, manufactures and markets specialty generic prescription drugs. The company said in a release that it entered an agreement with NPIL Pharma to fund up to $5 million through a secured, subordinated debt agreement. NPIL advanced $3 million of the total to RxElite at the conclusion of the transaction.

Further financial details were not released. Secured debt is backed by collateral. Subordinated debt is repaid after debt with a senior claim is repaid.

NPIL Pharma offers development and manufacturing services in the pharmaceuticals industry. The company fields offices in Canada, the United Kingdom and India.

Its funding arrangement with RxElite allows the Idaho company to “maintain our strong momentum in our Sevoflurane business through continued investment in anesthetic vaporizers and implementation of key customer contracts,” RxElite founder and CEO Jonathan Houssian said in the release. Sevoflulrane is a component of anesthesia.

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