ST. LOUIS, Aug. 7, 2015 (GLOBE NEWSWIRE) -- GeneriCo, LLC, based in St. Louis, MO, announces that it has closed on $1.5M of an anticipated $2.0M Series A funding round. GeneriCo is focused on developing and marketing niche generic pharmaceuticals, particularly those having embedded drug delivery technology.
Kinsale Capital Partners, LLC is leading the Series A funding round. First closing investors include BioGenerator (the early stage investment arm of BioSTL), Missouri Technology Corporation, accredited investors with industry knowledge and Kinsale Capital's own proprietary funds. The $2.0M Series A offering, which includes warrant incentives, is expected to be fully funded and closed in Q4 2015. Kevin O'Shea, a Principal of Kinsale Capital Partners, will join the GeneriCo Board as the representative of the Series A investors.
"We are very excited and fortunate to partner with Kinsale Capital Partners and the other first closing investors," says Tom Brya, GeneriCo's President and CEO. "We've made tremendous progress to date, and Kinsale's leadership and the extensive knowledge and strategic relationships of our first closing investors will enable us to expand our operations aggressively over the next 18 months. We welcome Kevin to our Board."
GeneriCo's management team brings over 150 years' collective experience in the pharmaceutical industry along with superior drug-formulation capabilities and the ability to exploit excess capacity at generic drug manufacturing facilities. To this end, GeneriCo has already established a growing network of business partners. "GeneriCo's strategic focus and innovative collaboration model makes us agile and reduces many of the risks inherent in the generic drug development process," says Brya. "GeneriCo expects to file three to four Abbreviated New Drug Applications (ANDA) in 2016 with associated revenue projected to be realized in 2017."
Dan Broderick, VP of BioGenerator and Chairman of the Board of GeneriCo, expressed his satisfaction stating, "This represents an exciting new chapter in GeneriCo's maturation as a company. BioGenerator is excited to support the growth of GeneriCo in the traditionally strong pharmaceutical space in St. Louis. GeneriCo's business plan, scientific knowledge, and strong management team make this a particularly attractive investment."
GeneriCo focuses on the development and marketing of products based on technically challenging, hard to copy formulations and products having unique drug delivery formats. This focus on niche or neglected markets limits risk of competition from either the middle and large competitors or the tightly focused small generic companies. GeneriCo has established a network of business collaborators in the USA, Asia and Europe to further reduce its development costs and competitive risks. GeneriCo's product pipeline currently includes 22 potential drug formulations and contract distribution rights for several additional drugs. GeneriCo has also identified several potential Paragraph IV challenge opportunities. Targeted markets exceed $4.0 billion in sales. GeneriCo has also begun initial work on another wave of products with targeted markets of up to another $2.0 billion of sales. Revenues from contract sales are expected in 2016 and from new drug developments in 2017. GeneriCo anticipates raising a Series B round in Q3 2016.
BioGenerator produces a sustained pipeline of successful bioscience companies and entrepreneurs in St. Louis by creating, growing and investing in promising new enterprises. BioGenerator is a nonprofit subsidiary of BioSTL, which advances St. Louis' prosperity by cultivating a thriving bioscience sector, building regional capacity to capitalize on St. Louis' world class medical and plant biosciences. Please visit www.BioGenerator.org for additional information. Follow BioGenerator on LinkedIn linkedin.com/company/BioGenerator and Twitter @BioGeneratorSTL.
About Missouri Technology Corporation
The Missouri Technology Corporation ("MTC") is a public-private partnership created by the Missouri General Assembly to promote entrepreneurship and foster the growth of new and emerging high-tech companies. MTC focuses on 21st Century bioscience industries that build on Missouri's rich history in agriculture. Its investment focus includes products and services related to biomedical science, animal health, plant science, applied engineering and defense and homeland security. Please visit www.missouritechnology.com for additional information.
About Kinsale Capital Partners
Kinsale Capital Partners, LLC is a Chicago-based Merchant Bank focused on partnering with management teams of middle market businesses to provide strategic advice and capital for growth, restructuring or ownership transition. Kinsale deploys its own capital along with side-by-side co-investment capital to invest in, or acquire, middle market companies. Please visit www.kinsalecapitalpartners.com for additional information.
CONTACT: Kinsale Capital Partners, LLC Kevin O'Shea 1.312.857.7494 firstname.lastname@example.orgSource:Kinsale Capital Partners LLC