New York, NY – May 2, 2016 – Deerfield announced today it led the $44.5 million Series B financing of Graybug Vision, Inc. Graybug Vision is an early stage pharmaceutical company committed to developing therapies that may transform care for ocular diseases including wet age-related macular degeneration (AMD) and glaucoma.  Graybug Vision’s technology was first developed at Johns Hopkins University and has been spun out into a startup venture. 

Graybug Vision is developing ophthalmology products enabling potentially twice per year dosing using its novel injectable depot technology.  The company recently completed a 6 month study in animals for its lead program, GB-102, a therapy for twice-yearly treatment of wet AMD.  This preclinical study demonstrated the ability of Graybug Vision’s proprietary technology to deliver a small molecule drug that blocks both VEGF and PDGF for over 6 months after a single intravitreal injection in rabbits.  The technology achieves the 6 month release profile without inflammation or toxicity after an intravitreal injection – an unprecedented result for a non-steroid drug delivered to the eye.

“We are excited to work with Graybug Vision to help it advance its therapies to market. We believe the technology developed by the Johns Hopkins founders and the Graybug Vision team has the ability to change the standard of care for patients suffering from sight threatening eye disease,” stated Cameron Wheeler, PhD and Principal at Deerfield. 

“We are pleased to have Deerfield as a supporter of our technology and company, and we believe the firm has significant skills which will add to our Board and development of Graybug Vision,” stated Jeffrey L. Cleland, PhD, President and CEO of Graybug Vision, Inc. 

About Graybug Vision

Graybug Vision is developing novel products for the treatment of ocular diseases.  Graybug Vision’s technology enables the delivery of compounds to the eye up to twice per year and was co-developed by Graybug Vision founder Justin Hanes, PhD, who is the Lewis J. Ort Professor of Ophthalmology at the Wilmer Eye Institute of the Johns Hopkins University, in collaboration with Graybug Vision cofounders, and leading ophthalmology clinician-scientists from the Wilmer Eye Institute Peter A. Campochiaro, MD, and Peter J. McDonnell, MD.  Graybug Vision’s lead product, GB-102, is being developed for twice a year treatment of wet AMD patients.  Graybug Vision’s second product consists of compounds with intraocular pressure lowering and neuroprotection that may be administered to the subconjunctiva twice per year for the treatment of glaucoma.  For more information, please visit www.graybug.com.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

NEW YORK, NY – March 12, 2015 – Deerfield announced a $375 million debt investment in Depomed, Inc. as part of $575 million facility to support Depomed’s $1.05 billion acquisition of the U.S. rights to NUCYNTA® from Janssen Pharmaceuticals.  Depomed has announced that the Nucynta transaction will more than double its revenue base and that it is immediately accretive to earnings.

Deerfield will provide a $375 million facility which will accrue interest quarterly and amortize in annual increments from the third through the seventh anniversaries of the closing.  The company has the right to prepay the facility in tranches at its discretion.

“The acquisition of NUCYNTA is transformational for Depomed.  Our facility has been structured to avoid equity dilution and provide flexible terms for repayment and future acquisitions.”  said Alex Karnal, Partner at Deerfield Management.

“We are excited to partner with Deerfield, one of the premier investors that provides growth capital for pharmaceutical firms like Depomed.  The facility with Deerfield and Pharmakon allows Depomed to close the Nucynta transaction without dilution to our shareholders while we continue to look for assets to further grow our business,” stated Jim Schoeneck, President and CEO of Depomed.

About Depomed

Depomed is a specialty pharmaceutical company that commercializes products for pain and neurology related disorders.  Gralise^® (gabapentin) is a once-daily treatment approved for the management of postherpetic neuralgia. CAMBIA^® (diclofenac potassium for oral solution) is a non-steroidal anti-inflammatory drug indicated for acute treatment of migraine attacks with or without aura in adults (18 years of age or older). Zipsor^®(diclofenac potassium) Liquid Filled Capsules is a non-steroidal anti-inflammatory drug indicated for relief of mild to moderate acute pain in adults.  Lazanda^® (fentanyl) Nasal Spray is an intranasal fentanyl drug used to manage breakthrough pain in adults (18 years of age or older) who are already routinely taking other opioid pain medicines around-the-clock for cancer pain. Gralise and various partner product candidates are formulated with Depomed’s proven, proprietary Acuform^®drug delivery technology.  Depomed has announced the acquisition of the U.S. rights to the NUCYNTA franchise from Janssen Pharmaceuticals,Inc. which is expected to close in the second quarter of 2015. The NUCYNTA franchise includes NUCYNTA^®ER (tapentadol) extended release tablets indicated for the management of pain, including neuropathic pain associated with diabetic peripheral neuropathy(DPN), severe enough to require daily, around-the-clock, long-term opioid treatment, and NUCYNTA^®(tapentadol), an immediate release version of tapentadol, for management of moderate to severe acute pain in adults. Additional information about Depomed may be found at www.Depomed.com.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

NEW YORK,  September 9, 2014 — Deerfield Management Company announced today it has committed to invest $125 million in Aerie Pharmaceuticals, Inc. (NASDAQ:AERI) through senior secured convertible notes. The financing is expected to be funded before the end of September 2014, subject to customary closing conditions. The facility provides Aerie with capital for the continued advancement of development activities for the Company’s clinical-stage product pipeline, general corporate purposes and strategic growth opportunities.

Under the terms of the financing, the notes will be secured and accrue interest at a rate of 1.75% per annum until maturity in September of 2021. The notes are convertible at a conversion price representing a 30% premium over the closing price of Aerie stock on September 8, 2014, resulting in a conversion price of $24.80 per share.

“We believe this level of financing at favorable terms will be significantly beneficial to Aerie. We now have adequate financial resources to complete all of our known clinical requirements for Rhopressa^TM and Roclatan^TM, and to commercialize Rhopressa^TM later in 2017 if our trials are successful. This financing also provides us with flexibility for potential strategic product in-licenses or acquisitions as we continue to build Aerie into what we believe may become a major ophthalmic pharmaceutical company. We are deeply appreciative of Deerfield’s confidence in Aerie’s product candidates and growth prospects,” commented Vicente Anido, Jr.,Ph.D., Chairman and Chief Executive Officer at Aerie.

“We are excited by the opportunity to work with Aerie’s strong management team and to contribute to the advancement of a leading scientific platform in ophthalmology,” commented William Slattery, Partner,Deerfield Management.

About Aerie Pharmaceuticals, Inc.

Aerie is a clinical-stage pharmaceutical company focused on the discovery, development and commercialization of first-in-class glaucoma therapies.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

NEW YORK –(BUSINESS WIRE)  – June 3, 2014– Deerfield Management Company announced today it has committed to invest up to $60 million in KemPharm, Inc. through a $10 million senior secured convertible note and a $50 million senior secured term debt facility. The facility provides KemPharm with capital to fund its clinical and regulatory operations and to advance its lead product candidate, KP201, toward regulatory approval and initiate commercialization.  KP201 is being developed as an abuse-deterrentopioid analgesic.

At the initial closing of the transaction, Deerfield funded $15 million of the term loan and $10 million of the convertible notes.  KemPharm may access the remaining $35 million of the term debt upon completion of certain milestones.  Additionally,in accordance with the financing agreement, Jonathan S. Leff, Partner with Deerfield Management, has been named to KemPharm’s Board of Directors.

Mr. Leff remarked, “We believe that KP201 and the rest of KemPharm’s abuse-deterrent prodrugs could play an important role in helping to address the epidemic of opioid abuse.  We are pleased to partner with KemPharm to advance the company’s programs to potential FDA approval and commercialization.” 

Travis C. Mickle, Ph.D., President and CEO of KemPharm, commented, “This financial commitment by Deerfield significantly strengthens KemPharm and enables the rapid advancement of KP201 and our abuse-deterrent product pipeline.  KemPharm now has the financial and strategic backing of a leading healthcare investment firm, which we intend to fully leverage as we deploy our prodrug technology to help address the limitations of existing opioid therapeutics and the epidemic problem of opioid abuse.”

 “This financing provides KemPharm with the near-term capital required to advance our corporate and clinical goals,while providing us with additional flexibility to pursue opportunities that could further propel the value potential of the company. We look forward to benefitting from Deerfield’s wealth of industry and capital markets expertise” concluded Gordon K. “Rusty” Johnson, COO and CFO of KemPharm.

About KemPharm

KemPharm is a biopharmaceutical company focused on the discovery and development of new chemical entities(NCEs) to treat serious medical conditions through its proprietary and broadly applicable Ligand Activated Therapy (LAT) approach.  The company utilizes its LAT technology to generate improved prodrug versions of FDA approved drugs in the high-need areas of pain, ADHD and other CNS diseases.  For more information on KemPharm, please visit the company’s website at www.kempharm.com.

About Deerfield

Deerfield is an investment management firm committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

NEW YORK–(BUSINESS WIRE)– Deerfield Management Company announced today that it has provided up to $250 million in acquisition financing to Horizon Pharma, Inc. (NASDAQ: HZNP)  for the acquisition of Vidara Therapeutics International Ltd.

Under the terms of the agreement, Horizon Pharma has the option to draw up to $250 million in exchange for a commitment fee. Amounts drawn will accrue interest payable quarterly in arrears and must be repaid within five years. Horizon has the ability to prepay the loan after the third and fourth anniversaries.

“Deerfield is pleased to provide its partner Horizon Pharma with flexibility in its financing choices as it builds out its product portfolio and transitions into becoming an important and profitable pharmaceutical company,” stated James Flynn, Managing Partner of Deerfield.

About Horizon Pharma

Horizon Pharma, Inc. is a commercial stage, specialty pharmaceutical company that markets DUEXIS®, VIMOVO® and RAYOS®/LODOTRA®, which target unmet therapeutic needs in arthritis, pain and inflammatory diseases. The Company’s strategy is to develop, acquire or in-license additional innovative medicines where it can execute a targeted commercial approach among specific target physicians such as primary care physicians, orthopedic surgeons and rheumatologists, while taking advantage of its commercial strengths and the infrastructure the Company has put in place. For more information, please visit www.horizonpharma.com.

About Deerfield

Deerfield is an investment management firm, committed to advancing healthcare through investment, information and philanthropy.

For more information, please visit www.deerfield.com

Contacts

Deerfield Management Company
Karen Heidelberger, 212-692-7140
[email protected]

IRVINE, Calif., Sept. 26 /PRNewswire-FirstCall/ — ISTA Pharmaceuticals, Inc. (Nasdaq: ISTA), today announced it has entered into an agreement with its long-term shareholders, Deerfield Management, Sprout and Sanderling Ventures to provide ISTA with up to $65 million in financing through a flexible credit facility. In conjunction with this committed funding, ISTA has drawn $40 million and called its convertible debt for par, or $40 million, plus interest accrued over the past quarter. ISTA will be able to draw up to an additional $25 million any time over the next 12 months, at management’s discretion in terms of timing and amount drawn.

“Deerfield, Sanderling, and Sprout are leading health care investors and also three of ISTA’s largest investors, and we appreciate their continued funding of ISTA’s growth. This $65 million facility is the culmination of five months of assessing our business and strategic options,” stated Vicente Anido, Jr., Ph.D., President and Chief Executive Officer of ISTA Pharmaceuticals. “Our goal was to ensure we could flexibly fund ISTA’s future growth while minimizing dilution impact on our shareholders. We fully believe these corporate finance activities have the potential to give our shareholders the best potential return on their investment.

“We have made solid progress with our pipeline products and have a number of upcoming catalysts. With our Bepreve NDA expected to file by the end of the year, results anticipated from our Xibrom 0.09% once-daily Phase III program to support an early 2009 sNDA filing, and results expected to supplement our T-Pred NDA filing, which we plan on submitting in the first half of 2009, we have three opportunities to build on our history of strong revenue growth. We also anticipate reporting results before the end of 2008 from our Phase II study with ecabet sodium for dry eye. In addition, we will be conducting other important studies for patients and investors, particularly Xibrom in combination with Lucentis for age-related macular degeneration and Xibrom for the treatment of dry eye.”

Concurrently, ISTA announced it has concluded its previously initiated review of its strategic alternatives. Finally, ISTA is continuing its relationship with Silicon Valley Bank and has a $10 million revolving credit facility available to fund its working capital needs.

RBC Capital Markets acted as exclusive placement agent to ISTA for the financing.

Terms of $65 Million Committed Financing

Under the terms of the agreement, Deerfield Management, Sprout and Sanderling Ventures have funded ISTA with $40 million today and committed up to $25 million in additional funding to be drawn by ISTA at its discretion for up to one year. Any amounts drawn accrue interest until maturity at a rate of 6.5 percent per annum which is payable on a quarterly basis. Any funds drawn are repayable in one-third increments in 2011, 2012, and 2013.

In conjunction with the first $40 million draw, ISTA has agreed to issue warrants for 12.5 million common shares at closing with an exercise price of $1.41 per share. ISTA can draw from the remaining $25 million in $5 million increments and will issue 500,000 warrants per $5 million drawn at a price which is the higher of the market price of the stock at the time of the draw or $1.41 per share. Should ISTA draw the entire $65 million, it will have issued a total of 15 million warrants. The warrants have a term of six years and carry anti-dilution protection should ISTA issue additional common shares, subject to exclusions for certain business development activities.

This news release is neither an offer to sell nor a solicitation of an offer to buy any of the securities discussed herein, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any state.

Conference Call

ISTA will host a conference call with a simultaneous webcast today, September 26, 2008, at 10:00 AM Eastern Time, to discuss the financing commitment announced today and to provide a pipeline update. To access the live conference call, U.S. and Canadian participants may dial 866-770-7051; international participants may dial 617-213-8064. The access code for the live call is 99420468. To access the 24-hour audio replay, U.S. and Canadian participants may dial 888-286-8010; international participants may dial 617-801-6888. The access code for the call is 54813054. This conference call also will be webcast live and archived on ISTA’s website for 30 days at http://www.istavision.com.

About ISTA Pharmaceuticals

ISTA Pharmaceuticals is an ophthalmic pharmaceutical company. ISTA’s products and product candidates addressing the $4.7 billion U.S. prescription ophthalmic industry include therapies for inflammation, ocular pain, glaucoma, allergy, and dry eye. The Company currently markets three products and is developing a strong product pipeline to fuel future growth and market share. The Company’s product development and commercialization strategy is to launch a new product every 12 to 18 months, thereby continuing its growth to become the leading niche ophthalmic pharmaceutical company in the U.S. For additional information regarding ISTA, please visit ISTA Pharmaceuticals’ website at http://www.istavision.com.

Any statements contained in this press release which refer to future events or other non-historical matters are forward-looking statements. Without limiting the foregoing, but by way of example, statements contained in this press release related to the filing of an sNDA for Xibrom 0.09% as a once-daily treatment for the pain and inflammation associated with cataract surgery, the filing of an NDA for Bepreve in the second half of 2008, the completion of additional T-Pred studies later this year or early 2009, the announcement of ecabet sodium Phase II top-line results, ISTA’s expectation of bringing a new product to market every 12 to 18 months and becoming the leading niche ophthalmic pharmaceutical company are forward-looking statements. Except as required by law, ISTA disclaims any intent or obligation to update any forward-looking statements. These forward-looking statements are based on ISTA’s expectations as of the date of this press release and are subject to risks and uncertainties that could cause actual results to differ materially. Important factors that could cause actual results to differ from current expectations include, among others: timely and successful implementation of ISTA’s strategic initiatives; delays and uncertainties related to ISTA’s research and development programs (including the difficulty of predicting the timing or outcome of product development efforts and the FDA or other regulatory agency approval or actions); uncertainties and risks regarding market acceptance of and demand for ISTA’s approved products and the impact of competitive products and pricing; uncertainties and risks related to ISTA’s ability to properly manage its growth; uncertainties and risks regarding the continued timely performance by ISTA’s strategic partners of their respective obligations under existing collaborations and licensing arrangements; uncertainties and risks related to the continued availability of third party sourced products and raw materials on commercially reasonable terms, or at all; uncertainties and risks related to successful compliance with FDA and/or other governmental regulations applicable to ISTA’s facilities, products and/or business; uncertainties and risks related to the scope, validity, and enforceability of patents related to ISTA’s products and technologies and the impact of patents and other intellectual property rights held by third parties; and such other risks and uncertainties as detailed from time to time in ISTA’s public filings with the U.S. Securities and Exchange Commission, including but not limited to ISTA’s Annual Report on Form 10-K for the year ended December 31, 2007 and its Quarter Reports on Form 10-Q for the quarters ended March 31 and June 30, 2008.