Bion Pharmaceuticals reports $21.28 million raised at first close

Bion Pharmaceuticals received two commitments for its $30 million financing round. Investors committed to buy 71% or $21.28 million worth of equity a little over a week ago. Based on the offering’s structure, the company has until November 2015 to raise an extra $8.73 million. The company doesn’t appear to have previously sold securities under a registration exemption with the SEC.

The company is a provider to pharmaceutical and biotech companies of a comprehensive array of services ranging from securing regulatory permissions to distribution deals for Indian and European drug makers seeking to enter the US drug market. Financial backers include Signet Healthcare Partners and Pharmascience.

The company, headquartered in Princeton NJ, was registered this year. Revenues were not disclosed.
The executive team includes Gaurav Mehrotra, Lavesh Samtani and Venkatachalam Krishnan.
The board of directors includes David W Goodman and James Gale.

Offering recap
Status: First close
Company: Bion Pharmaceuticals
Industry: Pharmaceuticals
Amount offered: $30 million
Amount placed: $21.28 million
First sale: 11-03-2014
Data as of: 11-12-2014

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