Wednesday, May 27, 2015

Philly drugmaker raises $75M

Iroko in deal with OrbiMed to invest in Zorvolex painkiller

Philly drugmaker raises $75M

Iroko Pharmaceuticals LLC, the pain-control drugmaker whose new glass-walled U.S. headquarters is at the old Navy Yard in South Philadelphia, says it's agreed to borrow up to $75 million from OrbiMed Advisors LLC "to support general business operations and the launch of Zorvolex," the fast-dissolving, newly FDA-approved painkiller also known as diclofenac, so it can go on the market in early 2014.

New York-based OrbiMed says it specializes in funding drug development as a "long-term partner" for smaller and specialized companies like Iroko. The OrbiMed line of credit will help Iroko boost sales of its new product, Iroko executive board chairman Osagie Imasogie said in a statement.

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PhillyDeals posts drafts, transcripts and updates of Joseph N. DiStefano's columns and stories about Philly-area business, which he's been writing since 1989.

DiStefano studied economics, history and a little engineering at Penn and taught writing at St. Joseph's. He has written thousands of columns and articles for the Inquirer, Bloomberg and other media, wrote the book Comcasted, and raised six children with his wife, who is a saint.

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Joseph N. DiStefano