Business Capital structured and delivered an $8 million secured asset-based credit facility for Nivagen Pharmaceuticals, a developer of generic prescription drugs for the North American market.
Nivagen has launched more than 15 generic products which are sold through multiple channels, including wholesalers such as McKesson, Cardinal Health and Amerisource Bergen; and retailers, such as Walgreens, CVS and Rite Aid. The company plans to introduce nine new drugs by the end of this year and two more in 2021. This financing facility will provide working capital to facilitate growth and help fund certain development costs associated with introducing these new products.
“Business Capital executed a disciplined process which resulted in multiple term sheets from prestigious banking institutions, putting us in a strong position to negotiate the best rates, terms and lending partner to support our company and growth,” Jay Shukla, CEO and founder of Nivagen Pharmaceuticals, said. “The BizCap team was experienced, professional and great to work with, leading us through the entire process to the best deal and fit for our firm and allowing us to focus on our business.”
Business Capital is a commercial finance and advisory firm specializing in securing customized non-dilutive credit based solutions for middle market companies.
