This firm did a recent financing arrangement with Akorn (Kapoor's other company) and could be a possible 3rd party to Neopharm's future financing.
Akorn, Inc. Enters into an Agreement to Sell Common Stock and Warrants
Thursday, March 11, 2010
LAKE FOREST, Ill.--(BUSINESS WIRE)--Akorn, Inc. (NASDAQ: AKRX) a niche generic pharmaceutical company, announced today that it has entered into an agreement to issue and sell to Serum Institute of India Ltd. (“Serum”) 1,838,235 shares of the Company’s common stock at $1.36 per share or a 15% discount to the market closing price on March 5, 2010 of $1.60 per share, resulting in aggregate proceeds of $2,500,000. The Company also agreed to issue to Serum a warrant to purchase approximately 1,404,494 additional shares of the Company’s common stock for cash at an exercise price of $1.78 per share, which would result in an additional aggregate proceeds of $2,500,000. The warrant is exercisable beginning on the fifth consecutive trading day that the closing price of the Company’s common stock is at least $2.22 per share. The warrant expires 30 days after it becomes exercisable or on March 10, 2013, whichever comes first. The shares issued to Serum are subject to registration rights.
Raj Rai, the Interim Chief Executive Officer of Akorn stated, "This equity investment by Serum serves to further solidify our long term strategic partnership with Serum Institute. The capital raised gives us the financial flexibility to make critical investments in R&D and infrastructure improvements.”
About Akorn, Inc.
Akorn, Inc. manufactures and markets sterile specialty pharmaceuticals. Akorn has manufacturing facilities located in Decatur, Illinois and Somerset, New Jersey and markets and distributes an extensive line of hospital and ophthalmic pharmaceuticals. Additional information is available at the Company’s website at www.akorn.com.
how do you know that group in India might be led by kapoorand raman or they might be a part of it-they wouldnt be disclosed over there in the filings here-that maybe the way they get more cheap shares via an unknown entity-but its really there money??