NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- Wells Fargo Business Credit, part of Wells Fargo & Company , has provided a four-year $41.5 million senior secured credit facility to Interpharm, Inc. ("Interpharm"), a wholly-owned subsidiary of Interpharm Holdings, Inc. . The new credit facility replaces Interpharm's previous $21 million credit facility. Full details of the credit facility and its terms will be available in a Form 8-K to be filed by Interpharm Holdings, Inc.
"We are proud to play a role in the growth of an exciting company and pleased to provide Interpharm with the flexibility and capacity to grow and diversify their business," said Christopher Stavrakos, senior vice president for Wells Fargo Business Credit. "We've developed expertise working with pharmaceutical companies and this new facility allows us to put our experience to work for Interpharm."
"The new facility allows us to continue our research and development spending to further our expansion plan and goal of adding 25 ANDAs by June 30, 2007," said George Aronson, chief financial officer of Interpharm. "Wells Fargo's extensive experience as a lender to the pharmaceutical sector will be a valuable asset to us. In working with Wells Fargo through its due diligence process, we were impressed by their attention to detail and level of individualized service, and look forward to our continuing relationship."
Wells Fargo Business Credit, part of Wells Fargo Bank N.A., provides middle market businesses with asset-based financing and accounts receivable factoring. Wells Fargo & Company is a diversified financial services company with $482 billion in assets, providing banking, insurance, investments, mortgage and consumer finance to more than 23 million customers from more than 6,200 stores and the internet (wellsfargo.com) across North America and elsewhere internationally. Wells Fargo Bank, N.A. is the only bank in the United States to receive the highest possible credit rating, "Aaa," from Moody's Investors Service.
Interpharm, based in a Hauppauge, NY, is engaged in the business of developing, manufacturing and marketing generic prescription strength and over-the-counter pharmaceutical products. Interpharm is focused on setting the pace in the generic pharmaceutical industry by increasing its product lines, investing in the future, and continuing sound business principles.
FORWARD-LOOKING STATEMENTS
Statements made in this news release, contain forward-looking statements concerning Interpharm's business and products involving risks and uncertainties that could cause actual results to differ materially from those reflected in the forward-looking statements. The actual results may differ materially depending on a number of risk factors including, but not limited to, the following: general economic and business conditions, development, shipment, market acceptance, and additional competition from existing and new competitors, changes in technology, and various other factors beyond Interpharm's control. Other risks inherent in Interpharm's business are set forth in its filings with the SEC, including, but not limited to, its Form 10-K, filed on September 28, 2005 and Form 10-Q filed with the SEC on November 21, 2006.
All information in this release is as of February 13, 2006. Interpharm Holdings, Inc. undertakes no duty to update any forward-looking statements to conform the release to actual results or changes in its circumstances or expectations after the date of this release.
